Goldman Sachs: posts loss on new US tax legislation
(CercleFinance.com) - Goldman Sachs posted a fourth-quarter net loss of 1.
93 billion dollars, or 5.51 dollars per share, with the US bank recording income tax expense of 4.40 billion dollars related to new US tax legislation.
Of this amount, 3.32 billion dollars was due to the repatriation tax and 1.08 billion dollars was due to the remeasurement of US deferred tax assets at lower corporate tax rates.
Excluding tax legislation, earnings per common share would have been 5.68 dollars in the fourth quarter, while the consensus was expecting just 4.90 dollars.
Despite a challenging environment for its market-making businesses, Goldman Sachs is optimistic for the new year.
"With the global economy poised to accelerate, new U.S. tax legislation providing tailwinds and a leading franchise across our businesses, we are well positioned to serve our clients and make significant progress on the growth plan we outlined in September," said chairman and chief executive officer Lloyd C. Blankfein.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
93 billion dollars, or 5.51 dollars per share, with the US bank recording income tax expense of 4.40 billion dollars related to new US tax legislation.
Of this amount, 3.32 billion dollars was due to the repatriation tax and 1.08 billion dollars was due to the remeasurement of US deferred tax assets at lower corporate tax rates.
Excluding tax legislation, earnings per common share would have been 5.68 dollars in the fourth quarter, while the consensus was expecting just 4.90 dollars.
Despite a challenging environment for its market-making businesses, Goldman Sachs is optimistic for the new year.
"With the global economy poised to accelerate, new U.S. tax legislation providing tailwinds and a leading franchise across our businesses, we are well positioned to serve our clients and make significant progress on the growth plan we outlined in September," said chairman and chief executive officer Lloyd C. Blankfein.
Copyright (c) 2018 CercleFinance.com. All rights reserved.