Member access

4-Traders Homepage  >  Shares  >  Nyse  >  Goldman Sachs Group Inc    GS   US38141G1040

SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll news 

Goldman Sachs Group Inc : Goldman Legal Costs Could Exceed Reserves by $4 Billion

11/06/2013 | 01:45pm US/Eastern

Goldman Sachs Group Inc. raised a closely watched measure of its legal costs by $500 million, the Wall Street firm's finance chief said Wednesday.

Speaking during a conference call with fixed-income analysts, Goldman Chief Financial Officer Harvey Schwartz said the New York firm had increased the top end of its range of "reasonably possible" legal costs to $4 billion above what it has set aside in reserves. That was up from $3.5 billion at the end of June.

"In terms of litigation, we continue to reassess our own individual cases," Mr. Schwartz said.

Goldman discloses the estimates in a quarterly regulatory filing. The new filing, Mr. Schwartz said, will come out by Thursday afternoon.

Large banks including Goldman have continued to wade through waves of litigation stemming from their actions before and during the financial crisis.

When Mr. Schwartz discussed "reasonably possible" losses, he was referring to a term that--under accounting standards--refers to events that are less than likely, yet more than remote.

Write to Justin Baer at

1d ago GOLDMAN SACHS : IN BRIEF (Page 8)
1d agoDJTreasury Bond Prices Rises; Goldman Abandons 3% Yield Forecast
1d ago GOLDMAN SACHS : not to join UK Banking Standards Review Council
1d ago GOLDMAN SACHS : MLP and Energy Renaissance Fund : Announces Acquisition of Lever..
1d ago GOLDMAN SACHS : Metricstream raises $60 million
1d ago GOLDMAN SACHS : Highlights UrgentRx Founder for Entrepreneurship
1d ago GOLDMAN SACHS : Jordan Eisenberg Receives Goldman Sachs for Entrepreneurship Rec..
2d ago GOLDMAN SACHS : Beyond earnings, buybacks to give market support
3d ago GOLDMAN SACHS : Saturday: Stop! Police!: Matt Taibbi was the scourge of Wall Str..
3d ago GOLDMAN SACHS : 10,000 Small Businesses initiative graduates business owners in ..
Duration : Period :
Goldman Sachs Group Inc Technical Analysis Chart | GS | US38141G1040 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes