Jan 17, 7:54 AM EST

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


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AP Photo/Richard Drew

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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