Goldman Loses $393M On PE Funds, Other Investments

Law360, New York (October 18, 2011, 9:12 PM EDT) -- Investment banking giant Goldman Sachs Group Inc. on Tuesday reported a third-quarter loss of $393 million due in part to markdowns on bets it made on private equity funds, public stocks, and loans.

The investment bank's net revenues fell 60 percent, to $3.59 billion, compared with the same period last year, Goldman said in a statement. The largest loss came from a precipitous drop in the firm's investing and lending division, which reported negative revenue of $2.48 billion, compared with a gain of $1.8 billion in the same period last year.

The loss represents...
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