disruptpress efi

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

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.

Products You May Like

Articles You May Like

Snowflake falls after product revenue growth forecast fails to impress
How Bitcoin Fits In A Retirement Portfolio
SBA Substantially Increases PPP Loan Amount Eligibility For New Schedule C Borrowers
Texas, Mississippi lift Covid restrictions and mask mandates, despite CDC warnings
With Large Charitable Contributions Aim For More Than Substantial Compliance

Leave a Reply

Your email address will not be published.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