Goldman Sachs (GS) , the New York-based investment bank, said net income almost doubled during the first quarter as buoyant markets led to big gains on in-house stock and bond investments.
The fly in the ointment? Profit of $5.15 a share still trailed the $5.31 average of estimates from analysts surveyed by FactSet as the bank’s fixed-income trading business garnered only a fraction of the growth reported by competitors JPMorgan Chase (JPM) , Citigroup (C) and Bank of America (BAC) .
