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Goldman Sachs cuts quarterly earnings citing legal provisions

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Goldman Sachs Group Inc on Friday lowered its previously stated quarterly net earnings applicable to common shareholders to US$197 million from US$2.

FILE PHOTO: The Goldman Sachs logo is displayed on a post above the floor of the New York Stock Exchange, September 11, 2013.

Lucas Jackson/File PhotoThe bank said in a filing it had set aside US$2.96 billion for potential legal and regulatory costs, up from the US$945 million announced on July 15 with its second-quarter earnings.On July 24, the bank agreed to pay the Malaysia government US$3.9 billion to settle a criminal probe over its role in the multibillion-dollar 1MDB scandal.

 

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