Biggest US Banks See First Quarter Profits Fall

First-quarter profit at the biggest US financial institutions fell, The Wall Street Journal reported, citing a sharp 46% drop at Citigroup, which is shedding most of its Asian consumer banking division, and an 11% decline at Goldman Sachs.

Investment banking fees were down 43% at Citigroup, 37% at Morgan Stanley and 36% at Goldman as dealmaking appeared to sputter.

Read the full report: The Wall Street Journal.

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.