Goldman Sachs (GS) has seen its shares tumbling from its 52-week high of $250.46 touched in mid-January after the coronavirus pandemic started gripping the world. The stock had recorded a 52-week low of $130.85 by mid-March. Since then, the stock has been volatile. On Tuesday, it traded up $1.30% or $2.29 to close at $178.30.
Banks are one of the worst affected industries due to Covid-19 as there was a sharp contraction in economic activities. They had to set aside huge amounts for loan losses while preparing for defaults caused by economic shutdowns, to contain the impact of new coronavirus.
In the first quarter, provision for credit losses was $937 million, about four times what was provided for in the year-ago quarter. This included provisions related to growth in corporate loans and credit card loans due to the impact of COVID-19 on the broader economic environment.
In the first quarter ended March 31, earnings were down at $3.11 per share from $5.71 in the same quarter a year ago, due to higher credit losses. Earnings missed average estimate of 12 analysts polled by Thomson Reuters at $3.35.
Net revenues were nearly flat at $8.74 billion compared with the previous-year quarter.
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December 26, 2025 08:42 ET Third quarter economic growth data from some major economies including the U.S. were the main news in this holiday shortened week. GDP growth and industrial production data from the U.S. helped to boost morale, while the consumer confidence survey results were less upbeat. In Europe, the quarterly economic growth data from the U.K. drew attention, while the minutes of the Australian central bank’s latest policy session was in focus in Asia.