Investment banking firm, Goldman Sachs, is the latest financial firm to have its profits take a turn for the worse, following plummeting incomes reported from JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, and PNC. According to Goldman Sachs' 2016 first quarter earnings statement released Tuesday, net income at the firm fell 60 percent year-over-year due to operational troubles in all areas of the business.
Goldman Sachs reported net earnings of 1 point 14 billion dollars for the first quarter ended March 31, 2016, up 48 percent from 765 million dollars in the fourth quarter of 2015 but down 60 percent from a year ago when earnings totaled 2 point 84 billion dollars. Net revenues at the investment firm fell 13 percent from the fourth quarter of 2015 to 6 point 34 billion dollars for the first quarter of 2016 and decreased 40 percent from 10 point 62 billion dollars last year.
Home building in the U.S. slowed to the slowest pace in seven months after reaching a nine-year high, reflecting growing concerns in the construction sector and adding to inventory worries. The U.S. Census Bureau and the HUD on Tuesday jointly released new residential construction statistics for March 2016, which showed privately-owned housing starts were at a seasonally adjusted annual rate of 1 million 89 thousand, down 8 point 8 percent from February's estimate of 1 million 194 thousand, but is 14 point 2 percent above the March 2015 rate of 954 thousand.