Goldman Sachs Poised to Write Down $3 Billion, Telegraph Says By Sarah Jones
March 16 (Bloomberg) -- Goldman Sachs Group Inc. will announce asset writedowns of about $3 billion this week, partly based on the declining value of its stake in Industrial & Commercial Bank of China Ltd., the Sunday Telegraph said, without citing anyone.
The investment bank may report a decline in first-quarter earnings of about 50 percent, the newspaper said.
Goldman will write down about $1.6 billion from its leveraged loans business and a further $1.1 billion from assets owned by the bank's private equity arm, the Sunday Telegraph said.
Shares of ICBC, which is held separately on Goldman's balance sheet, have fallen by 12 percent in Hong Kong so far this year. Its stock also trades in Shanghai.
Paul Kafka, a spokesman for Goldman Sachs in London, declined to comment when contacted by Bloomberg News.
To contact the reporter on this story: Sarah Jones in London at sjones35@bloomberg.net.
Last Updated: March 16, 2008 08:59 EDT
