Goldman Sachs 1Q profit falls 46% as virus hits investments
NEW YORK (AP) — Goldman Sachs says first quarter-profit dropped by 46%, due to significant losses on Goldman’s own investments as well as a buildup in reserves against bad loans. The bank had to set aside $937 million to cover potentially bad loans, up from $224 million a year earlier, Goldman said Wednesday. But Goldman took the biggest hit in own portfolio. The investment bank owns stakes in several large public companies as well as its own private equity portfolio. Many of those companies saw their stocks plummet last quarter as the stock market ended its 11-year bull run, so Goldman had to mark those losses on its balance sheet.
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