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Goldman Sachs cuts earnings to pay for 1MDB settlement

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The revised earnings reflect a larger-than-previously-announced provision for legal and regulatory costs.

Goldman Sachs Group Inc on Friday lowered its previously stated quarterly earnings as the bank set aside more money to pay for its settlement with the Malaysian government over the multi-billion 1MDB scandal.

Goldman Sachs Group Inc lowered its net earnings applicable to common shareholders to US$197 million from US$2.25 billion, in a filing published on Friday.

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