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What is happening to the Goldman Sachs story?

Man reading book
Marcel ter Bekke | Getty Images

Goldman Sachs' first-quarter showing leaves its pickup strategy in question. The Wall Street firm run by Lloyd Blankfein suffered similar pain to rivals in the three months to March. Its $1.1 billion of net income equates to an annualized return on equity of just 6.4 percent. That puts it squarely in the same territory as perennial laggards Citigroup and Morgan Stanley. Goldman's story, though, is supposed to be of persevering through the markets chaos that lays others low - and emerging stronger.