News Summary: Goldman Sachs sounds a cautious tone

AP News
Posted: Apr 16, 2013 2:16 PM

BEING CAUTIOUS: Chief financial officer Harvey Schwartz said the bank's clients were still feeling uncertain about the economy in the wake of the 2008 financial meltdown. "We are very close still to the epicenter of the crisis," Schwartz said.

EYE ON COSTS: Goldman's expenses fell 1 percent from the same period a year ago. The bank cut about 400 jobs, or 1 percent of its workforce. A measure of compensation — what the bank sets aside for pay versus total revenue — fell to 43 percent from 44 percent a year ago.

THE NUMBERS: Goldman earned $2.2 billion in the first three months of the year, up from $2.1 billion a year ago. Per-share earnings of $4.29 beat the $3.90 analysts polled by FactSet were expecting.