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Goldman Sachs to Unveil $3 Billion Writedown: Report

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 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.