This was somewhat expected; Goldman Sachs reported fourth quarter negative net revenues of $1.58 billion and a net loss of $2.12 billion. That translates into a diluted loss per share of $4.97 vs. $7.01 a year ago. Business was weak pretty much across the board; asset management held up okay. Net revenues from investment banking fell 48 percent, and the deal backlog fell also fairly significantly. Trading in fixed income, currencies and commodities recorded negative net revenues of $3.4 billion. The big bath was in principle investments, which Goldman has managed so adroitly in the past. Principal investments recorded a net loss of $3.60 billion for the fourth quarter. That includes net losses of $2.00 billion from corporate principal investments and $961 million from real estate investments and a $631 million loss related to the firm's investment in the ordinary shares of ICBC. Stay tuned; Morgan Stanley reports tomorrow.

For more:
- here's the release

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