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| Goldman Sachs sees big quarterly profits fall | Goldman Sachs sees big quarterly profits fall |
| (35 minutes later) | |
| US investment bank Goldman Sachs has reported a big fall in quarterly profits, due largely to a reduction in bond trading revenue. | |
| Net income for the fourth quarter to 31 December fell to $2.33bn (£1.43bn), down 19% compared with the same period last year. | |
| But full-year net income rose 8% to $8.04bn on revenues of $34.2bn. | But full-year net income rose 8% to $8.04bn on revenues of $34.2bn. |
| The bank paid out $12.6bn in pay and bonuses over the year, down 3% compared with 2012. | |
| Chief executive Lloyd Blankfein described the fixed-income market as "a somewhat challenging environment", as US investors prepared for expected higher interest rates. | |
| Goldman's revenue from client trading in fixed income, currencies and commodities dropped 15% in the fourth quarter to $1.72bn. | |
| This was partly due to "significantly lower revenues in mortgages", the bank said. | |
| But quarterly investment banking revenues rose 22% year-on-year to $1.72bn. | |
| Net income applicable to shareholders fell to $2.25bn, or $4.60 a share, over the period, compared with $2.83bn, or $5.60 a share, in the same quarter in 2012, the bank said. | |
| Looking forward, Mr Blankfein said: "We believe that we are well positioned to generate solid returns as the economy continues to heal and provide considerable upside for our shareholders as conditions materially improve." | |
| Shares in Goldman Sachs have risen nearly 32% over the last 52-week period. |