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

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11/06/2013 | 07:45pm CEST

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 [email protected]

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Financials ($)
Sales 2017 31 838 M
EBIT 2017 11 093 M
Net income 2017 7 787 M
Debt 2017 -
Yield 2017 1,19%
P/E ratio 2017 12,98
P/E ratio 2018 12,22
Capi. / Sales 2017 2,97x
Capi. / Sales 2018 2,90x
Capitalization 94 680 M
Chart GOLDMAN SACHS GROUP
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Goldman Sachs Group Technical Analysis Chart | GS | US38141G1040 | 4-Traders
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Consensus
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Mean consensus HOLD
Number of Analysts 28
Average target price 246 $
Spread / Average Target 0,35%
EPS Revisions
Managers
NameTitle
Lloyd Craig Blankfein Chairman & Chief Executive Officer
Harvey Mitchell Schwartz Co-President & Co-Chief Operating Officer
David Michael Solomon Co-President & Co-Chief Operating Officer
R. Martin Chavez Chief Financial Officer & Executive VP
James A. Johnson Independent Director
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