Original Article on Crains New York

Goldman Sachs Group Inc. more than doubled its first-quarter profits and announced plans to raise its dividend Tuesday.The strong results masked other problems, including a 16% decline in revenue. To make up for that, and to propel earnings higher, Goldman turned to cost-cutting.The storied investment bank slashed 3,000 workers over the year, or about 8% of its work force. It cut back on salaries, trimmed occupancy costs and paid less in brokerage fees, cutting total expenses by 14%.Revenue from financial advising, where the bank advises big companies and investors on mergers and acquisitions, was one of the few areas to record a revenue gain, 37%.Revenue from underwriting stock and bond sales fell 27%. Revenue from trading fell 14%, hurt b...(read more)