Goldman Sachs posted a 72 per cent decline in quarterly earnings as trading revenue dropped. The results were stronger than many expected, but with Goldman discussing risks to future earnings, the bank’s shares fell 1.4 per cent to $151.61. Overall, revenue fell 7 per cent in the first quarter.

The bank posted a profit to common shareholders of $908 million, or $1.56 a share. The bank bought back $5 billion of preferred shares from Warren Buffett’s Berkshire Hathaway resulting in a one-time charge of $1.64 billion. Without the charge, the bank would have earned $4.38 a share. – (Reuters)