Goldman Sachs Group Inc.'s first-quarter profit dropped as the worst three months for dealmaking in more than a decade eroded the Wall Street giant's fees from investment banking, while its consumer unit continued to weigh on the results.

Profit fell to $3.09 billion in the quarter ended Mar. 31 compared with $3.83 billion a year earlier, while earnings per share slid to $8.79 from $10.76 last year, the bank reported on Tuesday.

Global mergers and acquisitions activity shrank to its lowest level in more than a decade in the first quarter of 2023, according to data from Dealogic.

Net revenue in the quarter fell 5% at $12.22 billion. It included a loss of about $470 million related to a partial sale of the Marcus loans portfolio and the transfer of the rest of the portfolio to held-for-sale.

Goldman is also rejigging its strategy after a foray into consumer banking, which Chief Executive David Solomon had championed for years, flopped.

The bank is exploring strategic options for its consumer arm, which lost about $3 billion in three years, executives told investors in February.

Goldman reshuffled its businesses last year, leaning into its traditional mainstays of trading and investment banking, beefing up its asset management arm and stepping back from its consumer aspirations.