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Goldman Sachs reported on Wednesday $3.11 earnings per common share in the first quarter. The company’s net revenues in the first quarter were $8.74 billion, essentially unchanged when compared to the Q1 of 2019.

“Net revenues in equities were $2.19 billion, 22% higher than the first quarter of 2019,” Goldman Sachs noted in its report. “Consumer deposits increased by a record $12 billion in the first quarter of 2020 to $72 billion.”

However, the bank adopted a cautious tone in its outlook and said economic, financial disruptions due to COVID-19 was likely to continue to adversely affect the firm’s business, financial condition and liquidity.

Additional takeaways

“Reduction in the valuation of equity, fixed-income, commodity markets have required company to commit more capital to its market-making businesses.”

“Ceased purchases of its common stock in order to deploy more capital and liquidity to meet the needs of its clients.”

“Effects of the COVID-19 pandemic may cause the firm to continue to limit future capital distributions.”

“Until pandemic subsides, the company expects continued draws on lines of credit, reduced levels in certain of its investment banking activities.”

“Until pandemic subsides, co expects reduced rev in its asset management, wealth management businesses & increased client defaults.”

Market reaction

The company’s shares were last seen erasing 1.7% in the premarket trading.