Loss expected from Goldman Sachs

AMERICAN investment bank Goldman Sachs is expected to post its first quarterly loss since the depths of the global financial crisis, sparking a wave of redundancies and $1.5 billion (£964 million) of cost saving.

By The Newsroom

Published 10th Oct 2011, 01:21 BST

Rival JP Morgan will kick-off the third-quarter bank reporting season on Thursday, with Goldman Sachs expected to follow suit on 18 October.

Falling stock markets have hit investment banks over the summer, with analysts at Credit Suisse expecting Goldman Sachs to post a $392m loss for the three months to 30 September. Analysts at Barclays predicted a more modest $180m loss.

American Barclays