Tweet me!- Principal Investments recorded net losses of $529 mn from real estate principal investments and $501 mn from corporate principal investments, partially offset by a gain of $228 mn related to its investment in the ordinary shares of ICBC
- FICC segment reported negative net revenues of $320 mn including $1 bn loss in credit products of (net of hedges) related to non-investment-grade credit origination activities (primarily due to $850 mn write-down relating to the bridge and bank loan facilities held in Lyondell Basell Finance Company). In addition, the segment results included a net loss of approximately $625 mn (excluding hedges) on commercial mortgage loans and securities.
- During December 2008 net revenues from equity trading and commissions were $363 mn and $251 mn, respectively, lower than average monthly levels observed during 2008.
- According to Goldman Sachs conference call during April 2009 although the company received cash after the government bailout of AIG, but it did not impact the operating results of the company as the transaction was not passed through profit and loss account though it was treated as part of cash.
|
Trading and Principal Investments Operating Results |
Dec-08 |
Three Months |
Three Months |
|
FICC |
(320) |
6,557 |
3,142 |
|
Equities |
|||
|
Equities trading |
363 |
1,027 |
1,276 |
|
Equities commissions |
251 |
974 |
1,238 |
|
Total Equities |
614 |
2,001 |
2,514 |
|
Principal Investments |
|||
|
ICBC |
228 |
(151) |
(135) |
|
Gross gains |
213 |
672 |
552 |
|
Gross losses |
(1,243) |
(1,933) |
(962) |
|
Net other corp & real estate investments |
(1,030) |
(1,261) |
(410) |
|
Overrides |
1 |
4 |
13 |
|
Total Principal Investments |
(801) |
(1,408) |
(532) |
|
Total net revenues |
(507) |
7,150 |
5,124 |
|
Operating expenses |
(875) |
4,873 |
3,743 |
|
Pre-tax earnings/(loss) |
(1,382) |
2,277 |
1,381 |
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