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Goldman Sachs misses profit forecasts as legal costs double to more than $1 billion

Goldman Sachs misses profit forecasts as legal costs double to more than $1 billion
Richard Drew/AP



Goldman Sachs posted its fourth-quarter earnings Wednesday morning, missing the lowest analyst estimate for quarterly profit.




The firm's bottom line was hit by $1.09 billion in litigation expense for the quarter, more than double what it absorbed in the fourth quarter of 2018.




The bank beat expectations for revenue, with its investment banking, equities trading, and fixed-income trading businesses all performing better-than-expected.




Goldman stock traded as much as 0.4% lower following the report's release.




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Goldman Sachs on Wednesday announced fourth-quarter earnings that missed the lowest estimate from Wall Street analysts.
The firm's bottom line was hit by $1.09 billion in litigation expense for the quarter, more than double what it absorbed in the fourth quarter of 2018. The last time Goldman posted a back-to-back miss on non-adjusted earnings per share was in 2011.
The expense overshadowed a strong quarter for revenue. Goldman's investment-banking, equities-trading, and fixed-income trading businesses all posting better-than-expected figures, relative to consensus estimates compiled by Bloomberg.
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