Goldman Lost $428M in Quarter

    NEW YORK - APRIL 27: Financial professionals sit in the Goldman Sachs booth on the floor of the New York Stock Exchange watch a television showing market news April 27, 2010 in New York City. U.S. stocks dropped sharply April 27 after Standard & Poor's downgraded the debt of Greece and Portugal, sending the Dow Jones industrial average down more than 200 points.  (Photo by Chris Hondros/Getty Images)

    Chris Hondros / Getty Images

    Goldman Sachs has its first quarter in the red since 2008, reporting Tuesday a loss of $428 million in the third quarter. Only the second quarterly loss ever since the company went public in 1999, Goldman’s unprofitable quarter was the result of steep declines in the value of investment securities and customer trading assets. Meanwhile, Bank of America, which recently announced it would be adding a $5 debit card fee, reported third-quarter profits of $6.2 billion. However, the gains were mainly due to the benefits from the sale of China Construction Bank and two accounting gains. The bank also reported a 15 percent drop in loan income for the third quarter. This drop caused the bank to lose its status as the largest bank by assets, slipping behind J.P. Morgan Chase.

    Read it at Reuters