Goldman Sachs profit sinks 55 percent in quarter

Goldman Sachs had its worst quarter in more than four years as volatile markets hit nearly all of the company’s business lines. Goldman’s revenue and profit have suffered as volatile markets and increased regulations have crimped the trading and investing businesses where the company is most focused. After the latest disappointing results, the company faced sharp questions about its business prospects from several analysts. Chief Financial Officer Harvey Schwartz defended the company’s approach Tuesday — and suggested that analysts not focus too much on one quarter, particularly one in which there were many unanticipated shocks, such as the declining price of oil and the unstable outlook for interest rates. At the fixed-income trading desks, which used to provide a large chunk of the bank’s earnings, revenue dropped 47 percent from a year ago. In the last year, the company’s equities trading desks, where stocks are traded, have been a bright spot.