As predicted, Goldman has made its first loss since going public. At $2.12bn, or $4.97 a share, it's worse than the $3.73 per share loss analysts were anticipating. Asset management, equities, and securities services did well. Trading and principal investments, and fixed income currencies and commodities did badly. Principal investments alone lost $3.6bn in the fourth quarter of 2008. Goldman employed 2,502 fewer people at the end of 2008 than it did at the end of 2007. Pay also looks set to be a lot lower than anticipated - at the end of the third quarter Goldman had allocated $11.4bn to compensation. Its fourth quarterly results show full year compensation has since been shaved to $10.9bn, or $364k per head.
Madoff's known victims (so far) ( Bloomberg).
Does this mean the money that we invested is all gone? Is there anyway to get some or all of it back? ( Bloomberg).
Fictitious Madoff trading statement ( DealBook).
FSA now says it's hiring 130 staff (not 200). (The Times).
A typical analyst position costs a bank $250k (TheDeal).
Bank of America does away with some of its equity analysts (Bloomberg).
BofA dismisses senior executives (Bloomberg).
Thousands of graduate accountants wanted in China (Financial Times).
Credit Suisse cuts in Japan (Bloomberg).
HSBC won't be leaving London after all (Telegraph).
AIG laying off head of alternative investments in Europe (Pehub).
Imprison reckless bankers says Cameron (FT).
I'm over the anxiety, but now I feel like a loser (DealBook).