Goldman Sachs Cuts Estimate of Possible Legal Losses by 21% |
| Bloomberg - May 10, 2011 |
Goldman Sachs Group Inc., the fifth- biggest U.S. bank by assets, cuts its estimated losses from legal claims by 21 percent in the first quarter.
The bank’s “reasonably possible” losses from lawsuits dropped to $2.7 billion at the end of March from $3.4 billion at the end of 2010, according to the firm’s quarterly filing with the U.S. Securities and Exchange Commission today.
The estimate, the second of its kind disclosed by the firm, is the “upper end” of losses in matters where the risk is “more than remote but less than likely,” New York-based Goldman Sachs said in the filing.
Banks started releasing estimates of possible losses after the SEC told corporate finance chiefs in October that they should disclose such costs “when there is at least a reasonable possibility” that they may be incurred, even if the risk is too low to require reserves. Bank of America Corp., the biggest U.S. lender, has said legal and regulatory matters could cost $150 million to $1.6 billion beyond what it has reserved.
Read Full Article from Bloomberg
- Posted: 2011-05-10 11:21:16
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
