David Solomon, chairman and chief executive of Goldman Sachs, said fourth quarter performance was strong as it continued to invest in its new businesses MARK LENNIHAN/APFourth-quarter profit at Goldman Sachs’ fell by more than a quarter as the American banking group set aside $1.1 billion before an expected settlement over the 1MDB scandal. The legal charge, as well as expenses associated with Goldman’s growing consumer business, caused it to miss analysts’ quarterly profit forecasts yesterday, despite a jump in revenue. Goldman, valued at $87 billion, is the world’s best-known investment bank and has produced some of the most prominent figures in the financial world, including Mark Carney, governor of the Bank of England. Its core operations are trading, investment banking, asset management, consumer banking and wealth management. 1MDB, the Malaysian sovereign wealth fund, was set up in 2009 to pursue investment and development projects for the benefit of Malaysia, but…

Source: The Times January 15, 2020 17:03 UTC