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Goldman Sachs suffers $1.2bn hit over Malaysian 1MDB scandal

Jan 16, 2020 - The Daily Telegraph (London)

GOLDMAN Sachs was stung by $1.2bn (£920m) of legal costs last year as it put cash aside to deal with a Malaysian corruption scandal linked to a superyacht, a Picasso painting and a Leonardo DiCaprio film.

The Wall Street bank unveiled profits of $1.9bn for the three months to December, down 24pc on a year earlier.

The money it put aside for litigation was 42pc higher than 2018, dragging profits down despite a strong performance in Goldman's trading arm.

Goldman is understood t...