Goldman Sachs reports 49% drop in 1Q profits to $1.1 bn

Goldman Sachs reported a steep drop in first-quarter profits Wednesday as it set aside funds for bad loans due to coronavirus shutdowns, even as upheaval in markets boosted its trading business.

The investment banking giant reported profits of $1.1 billion, down 49 percent from the year-ago period. It set aside $937 million during the quarter to deal with potential defaults due to the COVID-19 crisis.