Submitted by Tyler Durden on 04/17/2014 – 07:59

Moments ago Goldman reports its first quarter earnings, which beat expectations that had been drastically lowered into this quarter. Specifically, total Q1 revenue printed at $9.33 billion, beating expectations of $8.66Bn, while EPS, which declined 6% from a year ago, also beat Estimates of $3.49 at $4.02. Looking at the key operating segments, the all important FICC revenue was $2.85Bn, also above the sharply reduced estimate of $2.63Bn, while IB was $1.78Bn, more than the Wall Street estimate of $1.52Bn. That was the good news. The bad news: Goldman’s first quarter results were the worst since the Lehman crisis, and just to put the critical FICC group’s revenues in perspective: at $2.9 billion they were less than half what FICC recorded in Q1 2010 when people apparently still traded.