Goldman Sachs’ profits have fallen for the fourth quarter in a row, partly as a result of lower commodity prices such as oil.
Market volatility also affected the bank’s bond trading and investment banking businesses.
Goldman Sachs, the last of the big US banks to release first-quarter results, said net income fell by 56% to $1.2bn.
Revenue from trading bonds, currencies and commodities fell 47% to $1.66bn, about 26% of total revenue.
Before the financial crisis, that division typically contributed 40% of revenue.
On Monday, rival Morgan Stanley reported a 54% fall in first quarter profits.
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