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Net income fell to $2.74 billion, or $1.56 per share, compared to $3.46 billion, or $5.59 per share, in last year’s first quarter.

Excluding a preferred dividend payment, Goldman said earnings totaled $4.38 per share.

Results exceeded analyst expectations.

Goldman Sachs shares are trading down slightly Tuesday.

Also today, U.S. Bancorp (USB) reported first quarter earnings of $1.05 billion, or $0.52 per share, compared to $669 million, or $0.34 per share, in the same quarter last year.

Revenue rose 4.6%, to $4.52 billion, the bank said.

Adjusted earnings of $0.50 per share came in ahead of expectations.

U.S. Bancorp said its loan loss provisions declined sharply year-over-year.

Shares are trading down over 1.3% Tuesday.

The two stocks together make up 8.09% of the iShares Dow Jones U.S. Financial Services Index Fund (IYG), trading down slightly. today.

Both are also in the top ten holdings of the Financial Select Sector SPDR Fund (XLF), trading flat Tuesday.

U.S. Bancorp is more than 18% of the iShares Dow Jones U.S. Regional Banks Index Fund (IAT), which is trading up over .2% Tuesday.

For MarketNewsVideo.com, I’m Sayoko Murase.