Goldman Sachs tops estimates on record equities trading - here’s why the stock is falling

Goldman Sachs posted record equities trading revenue for the first quarter, helping propel the overall firm to its second-highest quarterly revenue. Investment banking fees climbed 48% to $2.84 billion, about $340 million more than expected, on a surge in advisory revenues from completed mergers transactions. Still, the firm’s fixed income operations saw revenues fall 10% to $4.01 billion, an unusually large miss of $910 million vs the StreetAccount estimate. Shares of the bank fell more than 4% in premarket trading. [https://www.cnbc.com/2026/04/13/goldman-sachs-gs-earnings-1q-2026.html](https://www.cnbc.com/2026/04/13/goldman-sachs-gs-earnings-1q-2026.html)