That settlement… reduced the bank’s earnings by $2 billion to $373 million, or 53 cents a share. Previously it had reported profits of $2.4 billion, or $6.26 per share, holding steady during a stretch in which the coronavirus pandemic hammered other banks’ results.
If you remember that quarterly beat, than surely you also remember that settlement, coming as it did all of a week after the earnings report. On the bright side, DJ D-Sol & co. have taken further steps to ensure that next time it reports quarterly earnings they won’t be immediately rendered untrue by the Malaysian kerfuffle.
The bank set aside an additional $2 billion in legal provisions in the quarter, according to Friday’s filing, much of which is likely to go to the U.S. Justice Department to settle its allegations related to 1MDB. Federal prosecutors have accused Goldman of violating antibribery and corruption laws….