Goldman Sachs Likely to Join JPMorgan in Taking a Loss Linked to South African Retailer

Goldman Sachs Likely to Join JPMorgan in Taking a Loss
 Linked to South African Retailer

JPMorgan Chase & Co. may soon be affiliated with Steinhoff International Holdings NV. Goldman Sachs Group Inc. is also likely to disclose a loss to the South African retailer, according to the financial statements. In 2015, Christo Wiese, who stepped down as Steinhoff’s chairman last month. The vehicles pledged $ 628 million from Steinhoff’s shares in collateral. Photographer: Waldo Swiegers / Bloomberg It’s unclear whether or not it’s possible that it’s possible to make it happen to the company itself.

Earlier Friday, JPMorgan Said It recognized a $ 143 million mark-to-market loss in its stock-trading unit on a single loan. Chief Financial Officer Marianne Lake later confirmed the loss to Steinhoff. Other banks may have large losses, though they may be worth more than a markdown, she said. Steinhoff annoncé on Dec. 5 that it had uncovered accounting irregularities. The disclosure prompted a plunge in the share price of the Frankfurt-and-Johannesburg-listed company, along with the resignation of Wiese and Chief Executive Officer Markus Jooste. Steinhoff last week said it’s seeking “significant near-term liquidity” for some of its business units. Read more: A Quicktake Q & A on Steinhoff’s issues In addition to Goldman Sachs, Citigroup Inc., HSBC Holdings Plc and Nomura Holdings Inc. participated in the loan to Wiese’s investment vehicles. Bank of America Corp. and JPMorgan are aussi lending banks on the margin loan Goldman Sachs is scheduled to report fourth-quarter results on Jan. 17. Bank of America is set to announce that same day, while Citigroup is scheduled for a day earlier.

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