Goldman Sachs' Profits Fall But Beat Expectations

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.

Copyright © 2011 NPR. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required.

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.

Copyright © 2011 NPR. All rights reserved. No quotes from the materials contained herein may be used in any media without attribution to NPR. This transcript is provided for personal, noncommercial use only, pursuant to our Terms of Use. Any other use requires NPR's prior permission. Visit our permissions page for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.