(Reuters) –Goldman Sachs Group Inc announced a nearly half-quarterly profit on Thursday. This was due to normalizing capital markets activity from soaring levels a year back, which is a concern for the bank’s investment banking division.

Dealmaking was slowing in quarter as the U.S. Federal Reserve began to remove pandemic-era support from the economy. This put a damper on some of Goldman’s most profitable businesses.

Common shareholders saw a decrease in profit to $3.83Billion, or $10.76, during the March 31 quarter, from $6.71Billion, or $18.60, one year ago.

According to Refinitiv data, analysts expected an $8.89 profit per share. However, it wasn’t immediately apparent if the figures were accurate.

Quarterly net revenue dropped to $12.93 trillion, almost 27% less than last year.