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Goldman Sachs announces Q1 result, posts profits
Goldman Sachs Group announced its first-quarter earnings almost doubled on Tuesday. However, The Securities and Exchange Commission (SEC) sued the investment bank, Goldman Sachs on April 16 for civil fraud lawsuit.

THE GOLDMAN Sachs Group announced its first-quarter earnings almost doubled to $3.3 billion on Tuesday. Goldman Sachs Group said company trading business again surpassed the rest of the financial industry. Goldman Sachs profits for the first three months to March nearly doubled from the year-earlier period. The bank reported revenues of 12.8 billion dollars.


The New York-based company Goldman Sachs Group earned $5.59 a share on revenue of $12.78 billion as bond, commodities and currency trading. Quarterly net revenues of the Goldman Sachs, including net interest income, advanced 36% to $12.8 billion from $9.43 billion reported a year ago, and surpassed the $11.16 billion consensus revenue.

However, The Securities and Exchange Commission (SEC) sued the investment bank, Goldman Sachs on April 16 for civil fraud lawsuit alleging the bank didn't tell investors in a collateralized debt obligation that hedge-fund firm Paulson & Co. helped structure the deal and was planning to bet against it.

Lloyd Blankfein, CEO of Goldman Sachs said in a statement that their performance in the first quarter reflects more signs of growth across the economy and the strength of client franchise. He also added in the statement that in light of recent events involving the firm and appreciates the support of clients and shareholders, and the dedication and commitment of people.


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