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Goldman Sachs posts first loss since going public
(Agencies)
Updated: 2008-12-16 22:39 NEW YORK -- Goldman Sachs says it had its first quarterly loss since it went public in 1999, losing $2.29 billion during its fiscal fourth quarter.
Goldman's loss amounted to $4.97 per share, proving the turmoil in the financial markets has tripped up even the best-run financial institutions. Goldman earned $3.17 billion, or $7.01 per share, during the year-ago period. Analysts, who have been ratcheting down their expectations amid speculation of mounting investment losses, estimated Goldman would lose $3.73 per share. The investment banking sector was turned on its head in September when Lehman Brothers filed for bankruptcy and Goldman and Morgan Stanley became bank holding companies. |