Goldman Sachs builds legal reserves

Goldman Sachs put aside $66 million to cover legal costs in Q2, up 78% on the first quarter.

Chief financial officer Stephen Scherr said the bank was adjusting its estimate of ‘reasonably possible losses’ (RPL) to $2.5 billion from $2 billion. This is the bank’s guess of its aggregate losses above accumulated reserves for legal costs that may or may not be incurred.

Year-to-date, legal provisions are $103 million, compared with $192 million for the first half of 2018.

Who said what

“We don

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: