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News > Companies
Goldman denies $1B loss
October 26, 1998: 5:11 a.m. ET

Investment bank says press report is just usual market "tittle-tattle"
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LONDON (CNNfn) - Goldman Sachs has denied a press report that it suffered huge trading losses during the recent turbulence in the world financial markets.
     The U.K.'s Independent reported Monday that Goldman could be forced to post a fourth quarter loss of as much as $1 billion, although senior Goldman officials have repeatedly denied any problems.
     A Goldman spokesman in London described the report as "the usual tittle-tattle coming from the market."
     The paper quoted people inside the firm as saying Jon Corzine told staff that payments including bonuses would be cut to avoid job losses at the firm.
     Goldman has claimed previously that its exposure to disasters such as the LTCM hedge fund collapse and Russian debt trading is limited.
     The newspaper says there is a conflict within the firm over whether to come clean publicly over losses or to swallow the pain and use the current upheaval in investment banking to grab market share from troubled rivals.
     Goldman recently canceled plans to list on the New York Stock Exchange. It also named a large number of employees who will be promoted to partners. Bonuses to employees are likely to be severely reduced, however.Back to top

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.