Goldman Sachs, the U.S.'s largest investment bank, lost $428 million during its third quarter reports Reuters. "It’s only the second quarterly loss for Goldman since the investment bank went public in 1999," writes Dealbook's Susanne Craig who noted that just last year the company posted a $1.7 billion profit. Goldman's loss comes on the heels of Bank of America reporting a $6.23 billion profit in its third quarter and Citigroup Inc.reporting a 74% increase in earnings. Craig writes, "Goldman, widely considered the savviest trading firm on Wall Street, saw a significant revenue drop in key divisions like fixed income and investment banking amid the market turmoil." Financial experts anticipated a third-quarter drop in share prices, but miscalculated just how much Goldman was going to lose. "The ... bank lost 84 cents per share," reports Reuters. "Analysts had been expecting, on average, a loss of 16 cents per share ..."
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