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Goldman gives $2.6B high-end estimate for legal liabilities beyond reserves

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Goldman gives $2.6B high-end estimate for legal liabilities beyond reserves

Goldman Sachs Group Inc. said in its Aug. 5 quarterly report that the upper end of its estimate for possible losses related to legal proceedings is $2.6 billion in excess of reserves for such matters, compared to $2.0 billion in its May 6 quarterly report.

The bank is involved in a range of judicial, regulatory and arbitration proceedings, including investigations related to the 1Malaysia Development Berhad scandal. Goldman said it is cooperating with the U.S. Justice Department and other authorities in the 1MDB matter but that the proceedings "could result in the imposition of significant fines, penalties and other sanctions against the firm, including restrictions on the firm's activities."

Goldman maintained its previous estimate that its allowance for credit losses would increase by about $600 million to $800 million because of the adoption of the current expected credit loss model. The bank plans to implement CECL on Jan. 1, 2020.

The bank also said that it completed its acquisition of United Capital Financial Advisers LLC in July.