Goldman Sachs (GS) is moving lower Monday, April 13, 2026, after the bank released first-quarter 2026 results that topped on headline profitability but showed a notable soft spot in fixed-income trading. The firm posted EPS of $17.55 on net revenues of $17.23 billion and net earnings of $5.63 billion, but Fixed Income, Currency and Commodities (FICC) revenue fell to $4.01 billion, down 10% year over year, with weakness cited in interest-rate products, mortgages and credit products. (goldmansachs.com)

The quarter also included strong investment-banking momentum: investment banking fees rose to $2.84 billion, up 48% year over year, driven by a jump in completed M&A volumes and strength in equity underwriting tied to convertible offerings. Equities revenue increased to $5.33 billion, up 27% year over year, helped by higher prime financing and better results in cash products. (goldmansachs.com)

Even with stronger top-line performance, investors are reacting to a higher cost base and credit-related items. Operating expenses increased to $10.43 billion (up 14% year over year), and the firm recorded a $315 million provision for credit losses, which management attributed primarily to growth and impairments in wholesale loans. Platform Solutions net revenues were $411 million, with results still reflecting markdowns tied to the Apple Card loan portfolio that had been moved to held-for-sale status in 2025. (goldmansachs.com)

The key near-term question is whether the earnings mix can stay favorable if fixed-income activity remains pressured while expenses rise. Management is emphasizing disciplined risk management amid heightened volatility and a complex geopolitical backdrop, while investors watch for follow-through in advisory and underwriting to counter softer FICC trends. (goldmansachs.com)