Goldman Sachs reported what seemed like a good first quarter, but analysts were more concerned about the bank’s future than with the past three months. They peppered the chief financial officer with questions about impending regulations, and investors sent Goldman’s stock down even as other banks rose.
Profit rose 5 percent and revenue was up 1 percent. Both beat analysts’ expectations. Bond underwriting soared 69 percent as issuers rushed to take advantage of low interest rates and a hearty appetite for corporate debt among investors. CEO Lloyd Blankfein described the results as “generally solid.”
Goldman’s leaders sounded a cautious tone on a conference call with analysts, however.
“We are very close still to the epicenter of the crisis,” CFO Harvey Schwartz said on a call with analysts, describing clients’ uncertainty over the economy. “So people’s memories are very fresh.”
Goldman’s stock fell $2.36, or 1.6 percent, to close at $144.10.