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Goldman Sachs posts first loss in nine years

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Goldman Sachs posts first loss in nine years

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The financial crisis has finally caught up with Wall Street leader Goldman Sachs.

The investment bank had, until recently, sidestepped the worst of the problems faced by its peers but now has reported its first quarterly loss since going public nine years ago. Goldman said the results “reflect extraordinarily difficult operating conditions.” Given the recent turmoil in the credit and stock markets, the company was unable to continue its previous impressive run and posted a net loss of 1.54 billion euros. The bank shed 2,500 people during the quarter and slashed its spending on compensation and benefits by almost half, bringing the average salary there down to 265,000 euros a year.