NEW YORK: Goldman Sachs Group Inc should reach a 1MDB settlement before the US presidential election, according to Wells Fargo bank analyst Mike Mayo.
He slashed his estimate for Goldman’s third-quarter generally accepted accounting principles earnings by US$1 billion, or US$2.15 per share, to account for a potential US$3 billion to US$4 billion settlement. For Goldman, “no settlement would mean an ongoing stock overhang and uncertainty about a capital hit”.
Goldman is also nearing a resolution with the Justice Department after tussling over a potential guilty plea, which would be the first in the investment bank’s history.
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