Goldman Sachs posted a $1.93 billion loss in the fourth quarter as the investment bank had to record more than $4 billion in charges related to the new tax law. It was the bank's first quarterly loss in more than six years.
Goldman lost $5.51 a share, compared with a profit of $2.35 billion, or $5.08 a share, in the same period a year earlier, the bank reported Wednesday. Excluding the one-time charges, the bank earned $5.68 a share, beating analysts' estimates.
Like other banks, Goldman had to write down billions in assets impacted by the new tax law this quarter, resulting in the quarterly loss. It had $3.32 billion in charges related to foreign earnings now taxable under the law and $1.1 billion in charges for deferred tax assets it stockpiled after the financial crisis.
Firm-wide, revenue fell to $7.83 billion from $8.17 billion a year earlier.
Read more here.
If you would like to submit content or write an article for the Business Law Section, please email Kara Sikorski at email@example.com.