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Goldman Sachs Q1 net revenues down 32%

Goldman Sachs has reported that its net revenues in investment banking for the first quarter of 2008 were $1.17 billion, 32% lower than the first quarter of 2007.

Net revenues in trading and principal investments for the quarter were $5.12 billion, 46% lower than the first quarter of 2007 and 26% lower than the fourth quarter of 2007.

Net revenues of the group were $8.34 billion and net earnings were $1.51 billion for the first quarter of 2008. Diluted earnings per share was $3.23 for the quarter, compared to $6.67 for the same period in 2007.

Lloyd Blankfein, chairman and CEO, said: Market conditions are clearly very difficult. But we saw strong consumer activity across many of our franchisee businesses in the first quarter. Although market conditions present many challenges at the moment, they also offer considerable opportunities.