Goldman’s results hurt by $1bn legal charge over 1MDB scandal
Profit dropped 24% in the fourth quarter and fell short of analysts’ estimates as the firm bolstered its litigation reserves
15 January 2020 - 17:32
New York — Goldman Sachs Group’s comeback quarter for trading was marred by a $1.09bn legal charge as the firm gets closer to a settlement of the 1Malaysia Development Berhad (1MDB) scandal.
Profit dropped 24% in the fourth quarter and fell short of analysts’ estimates as the firm bolstered its litigation reserves by the most in four years. That offset a strong showing by Goldman Sachs’s fixed-income traders, who posted a 63% jump in revenue, according to a statement on Wednesday that debuted the firm’s new reporting structure...
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