Goldman posts first loss since going public

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.