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Malaysia scandal costs Goldman dear

Malaysia scandal costs Goldman dear

Goldman Sachs set aside more than $500 million to cover legal costs last year as it was drawn deeper into the 1MDB scandal.

The disclosure came in the bank’s fourth quarter results today, which easily beat Wall Street’s forecasts despite the worst performance from its bond-trading desk since the financial crisis.

Goldman Sachs is the world’s best-known investment bank and has produced some of the most prominent figures in the financial world, including Mark Carney, the governor of the Bank of England. It is valued at about $70 billion and employs around 6,000 people in London.