Goldman Sachs today reported a dip in quarterly profits as a weak performance in bond trading and some other segments offset lower expenses.
Quarterly earnings at the US investment bank were $2.17 billion, down 7.1% from the same time last year. Revenues dropped 12.5% to $7.69 billion.
Like other big Wall Street banks, Goldman suffered from a fall in trading activity in fixed income, currency and commodities.
Revenues in this segment declined 29% as the bank pointed to an "environment generally characterized by difficult market-making conditions and continued low levels of activity."
The fourth quarter of last year was very volatile across financial markets, with the dollar gaining unexpectedly and oil prices crashing, leading some investors to pull back from the market.
Another weak spot was underwriting, with revenues for this segment slumping 34%. Goldman cited a fall in industry-wide conditions.
Standout operational segments included an 18% jump in financial advisory revenues, as merger and acquisition activity remained brisk.
Goldman's non-compensation expenses fell 17% from last year to $2.5 billion, in part due to a steep drop in legal expenses.
The bank's annual profits rose 5.4% to $8.48 billion, partly thanks to advising on global mergers and acquisitions valued at more than $1 trillion.
Its quarterly results translated into $4.38 per share, six cents above analyst expectations.
