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Goldman Sachs' Profits Fall But Beat Expectations

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Goldman Sachs' Profits Fall But Beat Expectations

Business

Goldman Sachs' Profits Fall But Beat Expectations

Goldman Sachs' Profits Fall But Beat Expectations

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The investment bank's profits dropped 21 percent in the first quarter, compared with the same quarter last year. Its earnings per share took an even bigger hit — down more than 70 percent from last year. That's still better than what Wall Street analysts were expecting. "We are pleased with the results," Goldman Sachs CEO Lloyd Blankfein said.

RENEE MONTAGNE, host:

NPR's business news starts with a punch to Goldman Sachs' profits.

The investment bank's profits dropped 21 percent in the first quarter, compared to the same quarter last year. Goldman's earning per share took an even bigger hit, down more than 70 percent from last year. The bank made less money from its business, trading bonds and other financial instruments. And this quarter's earnings report also reflects the bank's decision to buy back stock from Warren Buffett. Buffett purchased five and a half billion dollars worth of Goldman's shares during the financial crisis, to help out the bank. Bad as they are, today's numbers were still better than what Wall Street analysts were expecting which explains why the CEO of Goldman Sachs, Lloyd Blankfein, said, we are pleased with the results.

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