Goldman Sachs' Q1 profit beats on strength in wealth management, trading

The Wall Street bank has also been taking measures under CEO David Solomon to diversify its revenue stream and earn more from predictable sources like consumer banking, wealth and asset management

Goldman Sachs Group Inc reported a 43% drop in profit but beat Wall Street expectations on Friday, as strong performances in its wealth management and trading businesses partly offset a slump in equity underwriting as stock market listings dried up.

Wall Street banks have come under pressure amid a slump in dealmaking globally, but volatility fueled by concerns around interest rate hikes and the economic fallout of the Ukraine war helped Goldman's trading desks smash expectations.

The bank's global markets segment reported net revenue of $7.87 billion, a 4% jump from last year when accommodative monetary policy from the U.S. Federal Reserve