Goldman Sachs posts $1.9 billion 4Q loss due to new tax law

FILE - In this Oct. 16, 2014, file photo, a screen at a trading post on the floor of the New York Stock Exchange is juxtaposed with the Goldman Sachs booth. The Goldman Sachs Group, Inc. reports earnings Wednesday, Jan. 17, 2018. (AP Photo/Richard Drew, File)

NEW YORK (AP) — Goldman Sachs says it lost $1.93 billion in the fourth quarter, as the bank had to record more than $4 billion in charges related to the new tax law.

Goldman had a net loss of $5.51 a share, compared with a profit of $2.35 billion, or $5.08 a share, in the same period a year earlier. Excluding the one-time charges, the bank earned $5.68 a share, beating analysts’ estimates.

Like other banks, Goldman wrote down billions in assets impacted by the new tax law. It had $3.32 billion in charges related to foreign earnings now taxable under the law and $1.1 billion in charges for deferred tax assets it stockpiled after the financial crisis.

Firm-wide, net revenues at Goldman were $7.83 billion versus $8.17 billion a year earlier.

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