Business | Banking
Goldman posts first loss since going public
Global credit crisis finally catches up with group after nine years of strong performance.
- Reuters
- Published: 23:30 December 16, 2008
New York: Goldman Sachs Group reported its first quarterly loss since going public nine years ago as the plunging value of stocks, debt and real estate caught up with a Wall Street leader that had largely avoided fallout from the global credit crisis.
Goldman posted a net loss of $2.12 billion (Dh7.79 billion), or $4.97 a share, for the fourth quarter which ended November 28, compared with record net income of $3.2 billion, or $7.01 a share, a year earlier.
It was the firm's first loss since the fourth quarter of 1998, when the collapse of Long-Term Capital Management and the Asian debt crisis roiled markets.
Goldman shares rose 4.1 per cent in premarket trading.
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