Goldman Sachs posted a massive drop in its Asia revenues, as fees from underwriting dried up during the first quarter.
Goldman said on April 14 that its Asia revenues fell by 22% to $1.67bn in the three months to the end of March, compared with $2.2bn for the same period on last year.
“It was a turbulent quarter dominated by the devastating invasion of Ukraine. The rapidly evolving market environment had a significant effect on client activity as risk intermediation came to the fore and equity issuance came to a near standstill,” David Solomon Goldman’s CEO said.