Goldman Sachs Is Having a Bad Year

Investment bank Goldman Sachs said its first quarter profits dropped by 56 percent from a year earlier, as the Wall Street firm was not immune from the difficult trading environment last quarter that hurt much of its competition.

Goldman earned $1.2 billion, or $2.68 per share, in the first quarter after payments to preferred stockholders. That's down from $2.75 billion, or $5.94 per share, in the same quarter a year earlier.

The results beat Wall Street's forecasts.