Goldman Sachs posts first loss since going public

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(Agencies)
Updated: 2008-12-16 22:39

NEW YORK -- Goldman Sachs says it had its first quarterly loss since it went public in 1999, losing $2.29 billion during its fiscal fourth quarter.

A view of 85 Broad Street where investment bank Goldman Sachs is headquartered in New York, March 5, 2008. Goldman Sachs says it had its first quarterly loss since it went public in 1999, losing $2.29 billion during its fiscal fourth quarter. [Agencies]

Goldman's loss amounted to $4.97 per share, proving the turmoil in the financial markets has tripped up even the best-run financial institutions. Goldman earned $3.17 billion, or $7.01 per share, during the year-ago period.

Analysts, who have been ratcheting down their expectations amid speculation of mounting investment losses, estimated Goldman would lose $3.73 per share.

The investment banking sector was turned on its head in September when Lehman Brothers filed for bankruptcy and Goldman and Morgan Stanley became bank holding companies.