NEW YORK - US bank Goldman Sachs has sustained fourth-quarter losses totalling $2.12 billion.
The losses, announced December 16, were less than expected and provoked optimism in trading in London and on the New York Stock Exchange, where Goldman Sachs shares rose by 11%, along with those of embattled rival JP Morgan Chase on the Dow Jones Industrial Average.
The quarterly loss had been largely predicted by analysts, who said the firm would be forced to accept write-downs on real estate and leveraged loans, in addition to its holdings in Commercial Bank of China, which fell 28% during Q4. It is Goldman's first quarterly loss since the firm went public in 1999.
More on Regulation
Two of the 30 firms contacted by Risk say they will fall into Emir’s crucial category two
Heavy regulatory costs and fragile systems will be problems in 2015
Social media brings new risks to a bank, but also benefits
Avoiding model failure will be a key issue in 2015
Sign up for Risk.net email alerts
Sponsored webinar: IBM
Watch highlights of this year's London conference
Operational risk and the challenges of defining and dealing with conduct risk
Watch discussions and speakers from our North America conference
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.