Goldman Sachs profit falls 11 per cent

Goldman Sachs Group Inc reported an 11 per cent drop in first-quarter profit as client activity remained constrained and fixed-income revenue shrank.

The Wall Street bank said on Thursday its net income fell to$1.95 billion, or $4.02 per share, in the first three months of the year from $2.19 billion, or $4.29 per share, in the same period of 2013.

Analysts on average had expected earnings of $3.45 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported earnings were comparable.

Goldman's rivals also reported a drop in revenue from fixed-income trading in the quarter, but Goldman has more at stake than others because it has a less diverse business mix.

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