NEW YORK: Goldman Sachs reported a drop in first-quarter earnings on declines in its trading business and as it set aside more funds for bad loans in its growing consumer business.
Market conditions improved from the prior quarter, but volatility was low, crimping activity, the investment bank said. Goldman, which has ramped up its consumer lending business through its online savings accounts, credit cards and other ventures, set aside US$224 million for credit losses.
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