Goldman Sachs Group Inc. (GS) shares fell after the bank reported a surprise drop in bond-trading revenue, casting a shadow over what was another record quarter from the firm's equities team.
Fixed-income, currency and commodities revenue was $4.01 billion for the first quarter, according to a statement Monday. That was more than $800 million below the consensus of analyst estimates compiled by Bloomberg and 10% less than the same period last year.
The bank also warned investors that its backlog of fees decreased slightly compared to the previous quarter.
Shares of the company slumped 4.2% to $869.88 at 9:33 a.m. in New York, by far the biggest decline in the 24-company KBW Bank Index. The drop left the stock down 0.8% for the year.
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