Goldman Sachs Group Inc.’s profit fell 46% in the first quarter, a three-month stretch when the coronavirus pandemic battered markets, companies and investors hoarded cash and the US economy ground to a halt.

The Wall Street bank reported a quarterly profit of $1.21bn, or $3.11 a share, down from $2.25bn a year ago. Revenue of $8.74bn was basically flat from the first quarter of 2019.