Shares of Goldman Sachs Group Inc fell nearly 5% to a low of $865.34 amid dull trading on Wall Street as the Frontline index fell after Iran-US talks in Pakistan did not yield desired results. Shares fell despite the company reporting decent Q1 earnings on Monday.

The company reported net income of $17.23 billion in the January-March quarter, a 14% year-on-year growth compared to $15.06 billion in the year-ago period. Net income rose 28% sequentially to $13.45 billion in Q4CY25.

The company’s net income in the reported quarter was $5.63 billion, up 19% compared to $4.74 billion in Q1CY25. Profit rose 22% quarter-on-quarter compared to $4.62 million posted by the company in the quarter ended December 31, 2025.

Commenting on the company’s results, David Solomon, chairman and CEO of Goldman Sachs, said, “Goldman Sachs delivered a very strong performance for our shareholders this quarter, even as market conditions became more volatile. Our clients depend on us for high-quality execution and insight amid widespread uncertainty, and our clients depend on us for how we navigate uncertainty. The geopolitical landscape remains highly complex. – So disciplined risk management must remain core to how we operate.”

Global markets have been jittery over the Iran war as rising crude oil prices fuel fears of inflation and recession.

Goldman’s revenue from equity trading intermediation and financing rose 27% to a record $5.33 billion, while it fell 10% to $4.01 billion from fixed income, currencies and commodities.

Profit attributable to common shareholders was $5.4 billion, or $17.55 per share, compared with $4.58 billion, or $14.12 per share, a year earlier.

Global M&A volumes reached $1.38 trillion in the first quarter, according to data compiled by DeLogic. Analysts at Jefferies noted that global M&A proxy fees rose 19% year-over-year to $11.3 billion, with Goldman leading the market share.

The investment bank worked on some big deals in the first quarter, including advising Unilever on its planned merger of its food business with McCormick to create a $65 billion company, and Equitable’s proposed merger with Corebridge to create a $22 billion insurance company.

Its fees from investment banking rose to $2.84 billion in the first quarter, up 48% from a year earlier.

Shares of the Wall Street giant are up more than 3% so far this year, after a more than 53% jump in 2025.

(with inputs from agencies)

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