Goldman Sachs Group Inc. disclosed a $2.3 billion quarterly loss on Tuesday, marking the first time since the stock market crash of 1929 that the elite firm has slipped into the red. All signs point to continued difficulties for what had been Wall Street’s premiere firm.
Goldman posted jaw-dropping declines in all of its lines of business. Investment banking revenue in the fourth quarter dropped by 48%, and the pipeline of future investment banking business is down significantly.
Meanwhile, losses from trading and principal investments came to $4.4 billion due to huge write-downs of commercial real estate and other assets.
The full story is available at the Investment News web-site.
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