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 U.S. economy ground to a halt.

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

The…

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