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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 31 698 M
EBIT 2017 11 227 M
Net income 2017 7 754 M
Debt 2017 -
Yield 2017 1,34%
P/E ratio 2017 11,65
P/E ratio 2018 10,60
Capi. / Sales 2017 2,73x
Capi. / Sales 2018 2,61x
Capitalization 86 508 M
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Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 240 $
Spread / Average Target 9,4%
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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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