Goldman Sachs' Earnings Beat Is Offset by Credit Loss Provisions and a Shrinking Fee Backlog

Shares of Goldman Sachs fell as much as 4.7% on Monday. The decline followed a first quarter report where the bank reported revenue of $17.23 billion and earnings per share of $17.55, both of which beat expectations. Despite the beat, the bank disclosed a provision for credit losses that was higher than expected. This higher provision compressed net interest income margins on a quarter-over-quarter basis. The bank also disclosed a slight decline in its investment banking fee backlog.