Goldman Sachs cuts quarterly earnings, citing legal provisions relating to the 1MDB scandal

Investing

Motorcyclists pass a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur, Malaysia, February 3, 2016.

Olivia Harris | Reuters

Goldman Sachs on Friday lowered its previously stated quarterly net earnings applicable to common shareholders to $197 million from $2.25 billion.

The bank said in a filing it had set aside $2.96 billion for potential legal and regulatory costs, up from the $945 million announced on July 15 with its second-quarter earnings.

On July 24, the bank agreed to pay the Malaysia government $3.9 billion to settle a criminal probe over its role in the multibillion-dollar 1MDB scandal.

Articles You May Like

Lakers governor Jeanie Buss says siblings cannot sell family’s stake to Bob Iger, Joshua Kushner
One Thing For You To Remember About AI
Cerebras stock plunges 14% after second earnings report following IPO
Bond yields are climbing. Here’s what that means for mortgages and other consumer borrowing
Goldman’s latest cash cow is all about funding the AI infrastructure boom

Leave a Reply

Your email address will not be published. Required fields are marked *