Goldman Sachs Lost $428 Million In Third Quarter
Bank of America's report of a $6.2 billion profit in the third quarter, as we said earlier, has many analysts pointing out that it was mostly due to one-time accounting changes and asset sales. Still, BofA's stock is up slightly at this hour.
Meanwhile, the word from Goldman Sachs that it lost $428 million ($394 million before its preferred stock dividends) over the course of the same three months also isn't fazing the financial markets, according to The Associated Press. The loss, AP says, "had been widely expected due to the turmoil in financial markets this summer. Goldman's stock rose 0.9 percent to $97.72 in early trading."
It was only the second quarterly loss in the firm's history since Goldman Sachs went public 12 years ago.