34263
Multibillion-Dollar Settlement
World Economy

Multibillion-Dollar Settlement

Goldman Sachs Group Inc. said it agreed to settle a US probe into its handling of mortgage-backed securities for about $5.1 billion, cutting fourth-quarter profit by about $1.5 billion and closing out a year of record legal and litigation costs, Bloomberg reported.  The proposed deal, which the bank announced in a statement Thursday, would be the latest multibillion-dollar settlement resulting from the government’s push to hold Wall Street firms to account for creating and selling subprime mortgage bonds that helped spur the 2008 financial crisis. Authorities have already penalized the three biggest US banks–JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc.–more than $37 billion in the form of cash and consumer relief.

Short URL : https://goo.gl/4IcHHl
  1. https://goo.gl/lDBx8V
  • https://goo.gl/VS5Bff
  • https://goo.gl/F7pAxN
  • https://goo.gl/ZDus92
  • https://goo.gl/neq3Sh

You can also read ...

Federal Reserve Board Chairman Jerome Powell speaks during a hearing before the Senate Banking, Housing and Urban Affairs Committee.
US Federal Reserve Chairman Jerome Powell said protectionism...
India Launches 888 Anti-Dumping Probes
The Indian government has initiated as many as 214 anti-...
Fitch Retains Philippine  Debt Rating
Global debt watcher Fitch Ratings kept the Philippines’...
Lloyds Loses Mortgage Market Share
Lloyds lost market share in UK mortgages last year as Royal...
EU to Fine Google $5 Billion
Google will be fined about €4.3 billion ($5 billion) by the...
Shifting transactions from cash to digital payments holds great promise for  individuals, businesses and governments.
More than 23% of the world's economy operates out of sight of...
UN to Help Rebuild Gaza Economy, Create Jobs
Against the backdrop of rapidly rising tension, violence,...
Copper Prices to Go on Steroids
Copper’s slump amid a deepening global trade conflict offers a...

Trending

Googleplus