Goldman Sachs reports Q4 loss

New York: Goldman Sachs reported a rare quarterly loss due to a one-time charge associated with US tax reform. Performance across operating division was mixed, although the bank’s profits topped analyst expectations when the effect of the one-time item was excluded. The US investment banking giant reported a fourth-quarter loss of $2.1 billion, compared with a profit of $2.2 billion in the year-ago period. Revenues in the fourth quarter fell 4.1 per cent to $7.8 billion. Goldman’s first in a quarterly loss since 2011 was driven by $4.4 billion in one-time charges, mostly due to US tax reform provisions on the repatriation of foreign earnings. — AFP