US banking giant Goldman Sachs has reported a loss of $428m (£272m), worse than analysts had been expecting.
The group, delivering its third quarter results, confirmed it had made only its second quarterly loss as a public company, following forecasts last week from analysts it would post a loss.
The loss of $428m compared to profits of $1.7bn in the third quarter of 2010, and meant the basic loss per share for investors was $0.84, compared to a profit of $3.19 in Q3 2010.
Analysts had forecast a loss of just $0.16 per share.
Revenues across the whole company fell from $8.9bn to $3.6bn year on year, down 60%, and was also 51% lower than Q2 of this year.
Chief executive Lloyd Blankfein pointed to difficult market conditions and a lack of confidence among investors and corporate clients for the poor results.
"Our results were significantly impacted by the environment and we were disappointed to record a loss in the quarter," Blankfein said.
The group's Investing and Lending division took the biggest hit, according to the results, with a loss in revenue terms of $2.48bn.
The loss was caused in part by an investment in Chinese banking giant Commercial Bank of China. Goldmans said the position lost the division $1.05bn.
Shares in the group rose 1.26% despite the loss, although they remain 42% down year to date, having dropped sharply in the recent market sell-off.
by Nick Paler
source-investmentweek.co.uk
Now analysts believe that its a part of Window Dressing that still helps Goldman Sachs to survive.. The position is much more worsts.. Lets wait fro the third quarter results..
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