(Reuters) –Goldman Sachs Group Inc announced a nearly half-million dollar first quarter profit on Thursday. This was due to normalizing capital markets activity from soaring levels a year back, which is putting pressure on the investment banking division.

The U.S. Federal Reserve started to withdraw support for the pandemic-era economy in the fourth quarter. Dealmaking slowdowns cast doubt on the most lucrative Goldman 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. The reported numbers were not comparable, so it was unclear if these estimates are accurate.

The quarter’s total net revenue was $12.93 billion, a decrease of nearly 27% compared to last year.