Goldman Sachs (NYSE:GS) (Goldman Sachs (NYSE:GS)) is expecting to incur US$2.3bn more in losses from legal proceedings than it had initially set out.
The Wall Street bank has been a target of lawsuits ranging from its role in Malaysia’s 1MDB sovereign wealth fund scandal to the collapse of Archegos Capital Management in 2021.
In a regulatory filing made on Friday, the money it expects to lose was in line with estimates made at the end of September but was higher than the loss it projected in 2021.
The filing also said that Goldman has approved a US$30mln buyback program, according to Reuters.
Last month, Goldman said it was cutting around 3,200 jobs, which made up roughly 6% of its workforce.
The investment bank will be hoping for a rebound in dealmaking following a tough year for the equity markets as new listings, mergers, and acquisitions dried up.
In the UK alone, there were only 45 new listings in 2022, down from the record of 119 in 2021.