- Gassing Up With Garbage
- UBS Target of Fraud Suit from NY Attorney General
- SEC Plans to Broaden Curbs on Short Sales: Cox
- 30-Year Bond Gains Full Point as Stocks Weaken
- FCC Agrees to Approve Sirius Pruchase of XM: Report
- Union Pacific Profit Rises, Beats Estimates
- Bristol Profit Beats Forecasts, Helped by Plavix
- Jobless Benefit Claims Rise above 400,000
- 3M Profit Up 3%, Tops Estimates
- Stop Trading!: A War on Wall Street
- Pisani: New ETF = Play on Mid-East Growth
- Existing Home Sales: A Look At Numbers That Weren't There
- Comicon: Not Just Funny Business
- See What People Are Saying About... Water Scarcity
- Microsoft's Ballmer Addresses Analysts
- Fast Money: Wall Street Got Drunk!
- Play the Coming Power-Grid Upgrade
- Microsoft's Johnson: What His Leaving Means For Company
Investment bank Goldman Sachs will announce asset writedowns of $3 billion when it posts earnings on Tuesday, Britain's Sunday Telegraph newspaper reported, without naming sources.
The company will report a fall of about 50 percent in first-quarter earnings, the newspaper said.
Goldman [GS
Loading...
()
] will take a hit of around $1.6 billion in its leveraged loan business, $1.1 billion in connection with assets owned by its private equity arm and will have to writedown the value of its stake in Industrial & Commercial Bank of China (ICBC), the story said.
Goldman invested $2.3 billion for its minority shareholding in ICBC, which is listed on the Hong Kong and Shanghai stock exchanges. Shares in ICBC have fallen around 14 percent in the last two months.
Goldman will point out that its exposure to the sub-prime mortgage market remains minimal, the paper said, according to unnamed people close to the bank.
Goldman Sachs was not immediately available for comment.
Print
Email
Del.icio.us
Digg It
Data is a real-time snapshot *Data is delayed at least 15 minutes