Goldman Sachs: profit hit by lower equity trading revenue

(CercleFinance.com) - Goldman Sachs reported an 18% drop in quarterly profit on Monday as revenue from equity trading fell in what Chief Executive David Solomon called "a muted start to the year.
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The company reported net income for common shareholders of 2.18 billion dollars, or 5.71 dollars per share, in the first quarter, from 2.73 billion dllars, or 6.95 dollars per share, in the same quarter of 2018.

The bank's equity businesses saw their revenue fall by 18%, reflecting a drop in market volumes, client activity and volatility.

Goldman - which is the world leader in worldwide completed mergers and acquisitions - said that its return on equity - which measures how much profit it generates from its balance sheet - was 11.1% over the quarter.

The bank said it will increase its quarterly dividend to 85 cents per share, from 80 cents per share.

Goldman's shares fell 0.3% in pre-market trading on the New York Stock Exchange on Monday.

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