US Financial Crisis: Goldman Sachs in the New Terrain
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Code : ECC0025
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Region : Global |
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Introduction: The juggernaut of modern finance, Goldman Sachs (Goldman), which was believed to be solid in performance and immune to external constraints,witnessed a 40%fall in revenue by its investment banking division to $1.29 billion for the third quarter of 2008 comparedwith the third quarter of 2007.3 Its write-downs amounted to about $4.1 billion4 , which posed a serious problemduring the financial turmoil. The company revealed that itmade a $500million loss on residentialmortgagerelated securities and a $325million loss on commercialmortgages. Its principal investments operationmade a $453million loss, largely due to corporate and property investments. |
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