Goldman Sachs Group Inc(NYSE: GS) falls on weak results

It blamed weakness in commodities, currencies, and credit revenue, as well as lower commissions and fees from equities trading. Bank of America Corp. posted higher trading revenue on Tuesday. Shares fell almost 5% by the time the market closed in a selloff that knocked roughly $4.3 billion off the market capitalization of America's most valuable bank. During the period, the CBOE Volatility Index reached its lowest level since before financial crisis. On the call, analysts were unusually tough, with all but one of six pressing Chavez and outgoing CFO Harvey Schwartz about trading results, especially in fixed income.

Goldman Sachs also announced the repurchase of an addition 50 million shares of common stock and raised its quarterly dividend to 75 cents from 65 cents per common share. Net revenues from underwriting were 37 percent higher year-over-year, at $947 million, which Goldman Sachs attributes to an increase in industry-wide activity, and significantly higher net revenues in debt underwriting.

Until Tuesday, Goldman Sachs stock was arguably the poster child for the Trump Bump: During the stock market rally since the President was elected, the bank had contributed more to the rise of the Dow Jones industrial average than any other company.

Net income nearly doubled to $2.26 billion, or $5.15 a share, from $1.14 billion, or $2.68, a year earlier, the company said in the statement. While JPMorgan Chase & Co. and Citigroup Inc. also reported similar results on trading.

Unlike its competitors, Goldman's trading desks struggled in the first quarter.

Fixed income in particular disappointed, with revenue up just 1% on the first quarter of 2016 and down from the final three months of 2016.

Goldman's net income rose 1.2 percent to $1.68 billion in the first quarter, from $1.66 billion the same period a year ago. The bank's expenses rose just 15 percent and it paid out a smaller share of its revenue to employees. Non-interest income for the quarter rose 37.67 percent over the a year ago period to $7,510 million. Goldman's chief rival Morgan Stanley will report on Wednesday.

This story has not been edited by Firstpost staff and is generated by auto-feed.

That 'Armada' Heading To North Korea? Actually, It Sailed South
Facebook Hosts Developers at F8 Conference