Goldman Sachs eats $470M loss on disastrous Marcus consumer bank

Goldman Sachs posted a significant drop in first-quarter profits on Tuesday.

Goldman Sachs revealed a painful drop in quarterly profits Tuesday, slammed by a dealmaking slump and a major loss tied to the money-losing consumer bank Marcus.

Goldman reported net earnings of $3.23 billion, or $8.79 per share in the first quarter. That figure marked an 18% decline compared to the same quarter one year ago – though it topped Wall Street’s expectation for earnings of $8.14 per share, according to FactSet data.

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