Goldman profit beats on strength in wealth management, trading – Reuters

Goldman profit beats on strength in wealth management, trading – Reuters

April 14 (Reuters) - Goldman Sachs Group Inc (GS.N) reported a 43% drop in profit but beat Wall Street expectations on Friday, as strong performances in its wealth management and trading businesses partly offset a slump in equity underwriting as stock market listings dried up.

Wall Street banks have come under pressure amid a slump in dealmaking globally, but volatility fueled by concerns around interest rate hikes and the economic fallout of the Ukraine war helped Goldman's trading desks smash expectations.

The bank's global markets segment reported net revenue of $7.87 billion, a 4% jump from last year when accommodative monetary policy from the U.S. Federal Reserve led to bumper levels of trading activity. The robust performance was driven by a 21% rise in fixed income revenue, the bank said.