Goldman Sachs to unveil $3bn writedown - UK paper

[bicentennial_baby]

LONDON, March 16 (Reuters) - Investment bank Goldman Sachs will announce asset writedowns of $3 billion when it posts earnings on Tuesday, Britain's Sunday Telegraph newspaper reported, without naming sources.

The company will report a fall of about 50 percent in first-quarter earnings, the newspaper said.

Goldman Sachs was not immediately available for comment.

Goldman will take a hit of around $1.6 billion in its leveraged loan business, $1.1 billion in connection with assets owned by its private equity arm and will have to writedown the value of its stake in Industrial & Commercial Bank of China (ICBC) (601398.SS: Quote, Profile, Research), the story said.

Shares in ICBC have fallen around 14 percent in the last two months.

Goldman will point out that its exposure to the sub-prime mortgage market remains minimal, the paper said, according to unnamed people close to the bank.

(Reporting by Chris Wills and Mathieu Robbins, Editing by Jason Neely)

http://www.reuters.com/article/etfNews/idUSL161463220080316

I don't know how reliable the Telegraph is, just passing the news along :hi:

[malaise]

1. BBC says several US banks will be declaring massive losses

this week.

[bicentennial_baby]

2. I'm glad I'll be in the library working on research papers all week...

This is going to be ugly, I'm afraid. Well, uglier than it is already. Sigh.

[Mojorabbit]

3. I wonder

if this is going to cause a domino effect tomorrow. I am thinking of pulling out some cash from a life insurance annuity to have on hand just in case. What to do, what to do.