Risk Reports that:
"16 December - Goldman Sachs has posted a $2.12 billion net loss for the fourth quarter - its first since going public in 1990 - citing "extraordinarily difficult operating conditions, including a sharp decline in values across virtually every asset class.
The firm recorded net revenues of $22.22 billion for the year ending November 28, less than half of the $45.99 billion turnover posted in 2007. Earnings dropped even more precipitously to just $2.32 billion for 2008, down from $11.6 billion the previous year.
Income was down across most business lines, with fourth quarter investment banking revenues slumping 48% compared with the last three months of 2007 to $1.02 billion, and financial advisory turnover plunging 54% from the previous year to just $547 million.
The story was the same in fixed income, currency and commodities, with net revenue down 77% for the year to just $3.71 billion, ..."
If you are a student, staff or faculty at the London Business School you can read more if you go to RISK MAGAZINE in the A-Z list of databases in Portal.
Other recent articles of interest include:
Risk Management For investors - Exchange-traded funds (ETFs) are experiencing a boom in the most inauspicious of circumstances..
Technology ... many financial institutions are uncertain how their Isda master agreements would be affected by the distress or failure of a counterparty. How are derivatives participants responding?
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Picture: Creative Commons_FlickR, _Goldman Tower_Lymangsr
