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4/15, 1:25 PM (Source: TeleTrader)
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Goldman Sachs reports EPS drop of 45% in Q1

Goldman Sachs' diluted earnings per share dropped by 45% year-on-year to $3.11 in the first quarter, the company said on Wednesday. Net earnings came in at $1.21 billion, declining from $2.3 billion in the same quarter a year ago. The bank stated that its total net revenues decreased by 1.1% compared to the first quarter of 2019 to $8.7 billion.

CEO David Solomon said that the coronavirus pandemic is influencing the entire world and added: "I am enormously proud of the determination and dedication of the people of Goldman Sachs, who continue to serve our clients despite high market volatility. Our quarterly profitability was inevitably affected by the economic dislocation. As public policy measures to stem the pandemic take root, I am firmly convinced that our firm will emerge well-positioned to help our clients and communities recover."

Breaking the News / VP