off-the-wire

Goldman expects $2.3 bln more in potential losses from legal disputes

Kitco Media
By Reuters
Published:
Updated:
Reuters

Feb 24 (Reuters) - Goldman Sachs Group Inc (GS.N) is expecting potential losses from legal proceedings to be up to $2.3 billion more than the reserves it had set aside for such matters as of last year, the investment bank said on Friday.

In 2021, the bank was expecting the likely losses to be $2 billion higher than the reserves.

Goldman has been targeted with lawsuits ranging from the bank's role in Malaysia's 1MDB sovereign wealth fund scandal to the collapse of Archegos Capital Management in 2021.

A long-running gender bias lawsuit alleging widespread bias against women in pay and promotions at the Wall Street bank is also expected to head to trial later this year.

Reporting by Niket Nishant in Bengaluru; Editing by Arun Koyyur
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