Goldman Sachs Group Inc posted a 72% decline in first-quarter profit as it made less money from trading bonds for clients.
The largest US investment bank posted a profit to common shareholders of USD 908 million, or USD 1.56 a share, compared with USD 3.3 billion, or USD 5.59 a share, in the same quarter a year ago.
Results in the latest quarter were also hit by the repurchase of USD 5 billion of preferred shares from Warren Buffett's Berkshire Hathaway. The redemption resulted in a special preferred dividend of USD 1.64 billion. Excluding that charge, the bank would have earned USD 4.38 a share.
Revenue fell 7%.
Goldman Sachs set aside USD 5.23 billion for employee compensation in the quarter, a 5% decline from the same quarter last year.
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