By Ovunc Kutlu
ISTANBUL (AA) - Goldman Sachs saw its revenue decrease more than 5% in the first quarter of this year, according to its financial results statement released Tuesday.
The US-based investment bank posted a total net revenue of $12.2 billion in January-March period, which was down 5.4% from $12.9 billion the same period of last year.
The bank had net earnings applicable to common shareholders of almost $3.1 billion – down 18% from $3.8 billion year-on-year.
Chairman and CEO David Solomon said in the statement that "the events of the first quarter acted as another real-life stress test" amid the US banking crisis.
Goldman Sachs' stock price was down 2.3% to $331.69 per share at 10.37 a.m. EDT, after closing the previous day at $339.68.