FT: Goldman Reveals Details of $5 Billion of Crisis Losses

Friday, 14 Jan 2011 12:00 AM

 

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Goldman Sachs Group Inc. has released for the first time details of about $5 billion of investment losses it suffered during the financial crisis, the Financial Times reported.

The figures, issued as part of internal reforms undertaken to placate the bank’s critics, show that Goldman suffered losses of $13.5 billion from investing and lending with its own funds in 2008, the newspaper said.

The company’s regulatory filings and comments by its executives to investors at the time indicated that $8.5 billion of losses were incurred on the bank’s investments in bonds and equity, the FT said.

The discrepancy, which doesn’t change Goldman’s 2008 results overall, arose from the fact that the bank hasn’t provided until now a full breakdown of profits and losses from activities carried out with its own resources, according to the newspaper.

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