Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Goldman Reassures on Expenses After $1 Billion Litigation Charge

Jan. 15, 2020, 4:22 PM

Goldman Sachs Group Inc.’s comeback quarter for trading was marred by a $1.09 billion legal charge as the firm gets closer to a settlement of the 1MDB scandal.

Profit dropped 24% in the fourth quarter and fell short of analysts’ estimates as the bank 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 Wednesday that debuted the firm’s new reporting structure.

Company executives reassured analysts on a conference call that the firm will be able to keep ...