Goldman Sachs profit beats estimates on lower expenses, higher advisory fees

Goldman Sachs profit beats estimates on lower expenses, higher advisory feesGoldman Sachs Group Inc beat quarterly profit estimates on Monday as the bank earned more from advising on M&A deals and expenses fell due to lower compensation costs. The bank's total revenue, however, fell 13 percent in the first quarter and missed analysts' estimates, with three of its four main businesses recording a drop in revenue. Total institutional client services, the unit that houses the bank's trading business, recorded the biggest drop as lower market volatility coupled with the longest U.S. government shutdown hurt equity and bond trading revenue.


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