Goldman Sachs earnings hit by weak trading

Goldman Sachs on Friday reported a dip in quarterly profits as a weak performance in bond trading and some other segments offset lower expenses.
Quarterly earnings at the US investment bank were $2.17 billion, down 7.1 percent from the year-ago period.
Revenues dropped 12.5 percent to $7.69 billion.
Like other big Wall Street banks, Goldman suffered from a fall in trading activity in fixed income, currency and commodities.
Revenues in this segment declined 29 percent as the bank pointed to an "environment generally characterized by difficult market-making conditions and continued low levels of activity."
The fourth quarter was very volatile across financial markets, with the dollar gaining unexpectedly and oil prices crashing, leading some investors to pull back from the market.
Another weak spot was underwriting, with revenues for this segment slumping 34 percent. Goldman cited a fall in industry-wide conditions.
Standout operational segments included an 18 percent jump in financial advisory revenues, as merger and acquisition activity remained brisk.
Goldman's non-compensation expenses fell 17 percent from last year to $2.5 billion, in part due to a steep drop in legal expenses.
Goldman's annual profits rose 5.4 percent to $8.48 billion, in part thanks to advising on global mergers and acquisitions valued at more than $1 trillion.
Quarterly results translated into $4.38 per share, six cents above analyst expectations.
In pre-market trade, Goldman shares fell 1.2 percent to $176.35.