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Goldman Sachs 1Q Earnings Exceed $3 Billion

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Goldman Sachs said today that its first-quarter earnings reached $3.3 billion. That's higher than analysts expected.

The Associated Press reports that the company's trading business surpassed the rest of the financial industry. In the fourth quarter of 2009, the Wall Street investment firm earned a record $4.79 billion.

The first quarter's high earnings are good news for Goldman Sachs. On Friday, the Securities and Exchange Commission filed a civil fraud suit against the big bank, saying that it sold risky mortgage investments without disclosing that the securities were crafted in part by a hedge fund manager who was betting they would fail. Goldman has denied the SEC's allegations, although it announced today that the executive at the center of the civil fraud case is voluntarily taking time off from work.

"In light of recent events involving the firm, we appreciate the support of our clients and shareholders, and the dedication and commitment of our people," Goldman Sachs CEO Lloyd Blankfein said in a statement, according to The AP.

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