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4-Traders Homepage  >  Equities  >  Nyse  >  Goldman Sachs Group Inc    GS

Delayed Quote. Delayed  - 08/26 10:02:01 pm
165.97 USD   +0.04%
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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 justin.baer@wsj.com

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Financials ($)
Sales 2016 29 022 M
EBIT 2016 9 238 M
Net income 2016 6 116 M
Debt 2016 -
Yield 2016 1,61%
P/E ratio 2016 11,78
P/E ratio 2017 9,73
Capi. / Sales 2016 2,32x
Capi. / Sales 2017 2,15x
Capitalization 67 294 M
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 181 $
Spread / Average Target 9,2%
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Managers
NameTitle
Lloyd Craig Blankfein Chairman & Chief Executive Officer
Gary D. Cohn President, Chief Operating Officer & Director
Harvey Mitchell Schwartz Chief Financial Officer & Executive Vice President
R. Martin Chavez Chief Information Officer
James A. Johnson Independent Director
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