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Goldman raises top end of legal loss estimate

Traders work at the Goldman Sachs booth on the floor of the New York Stock Exchange.
Peter Foley | Bloomberg | Getty Images
Traders work at the Goldman Sachs booth on the floor of the New York Stock Exchange.

Goldman Sachs has raised the top end of its estimate of "reasonably possible" legal losses to about $3 billion from $2.5 billion.

The estimate accounts for potential losses apart from what is already set aside in reserves, the bank said in a quarterly regulatory filing on Monday.

Goldman is facing an investigation into whether it rigged foreign exchange rates through computer programs.

In November, UK and U.S. regulators fined six banks, including JPMorgan Chase and Citigroup, a total of $4.3 billion after a global investigation of their failure to stop traders from trying to manipulate the foreign exchange market.

The estimate does not include any future claims stemming from U.S. government investigations into misconduct in the pooling and sale of residential mortgage-backed securities that contributed to the financial crisis, Goldman said in the filing.