Goldman Sachs reports loss in Q3

Goldman Sachs Group Inc., the fifth largest bank in the United States, has reported a wider than expected loss in the third quarter of 2011.

According to AP, the bank experienced a loss of USD 428 million in the three months to September.

Moreover, its net revenue has fallen by 60 percent compared to 2010, and 51 percent from the second quarter of 2011.

The loss has been blamed on volatile market conditions as well as lack of confidence among investors and corporate clients.

Meanwhile, the US Federal Deposit Insurance Corp (FDIC) has shut down a total of 73 banks in 2011.

Source: irib.ir