Goldman, Bear 2Q hurt by subprimes
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Wall Street investment banks Goldman Sachs Group Inc. and Bear Stearns Cos. on Thursday said fiscal second-quarter profit was squeezed by the nation's mounting home-loan defaults.
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Investment bank Bear Stearns Cos. Inc. , one of the nation's largest mortgage bond underwriters, said on Thursday quarterly earnings fell by a third as trouble in the mortgage market hurt bond trading revenue and it wrote down assets at a stock trading venture.
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European insurance stocks fall on the back of subprime bond claim worries.
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Goldman Sachs reported profit of $3.2 billion, setting a record amid growing concern over falling stock prices and an imploding subprime mortgage market.
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US investment bank Bear Stearns reports its first loss after making risky bets on sub-prime mortgages.
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Two Bear Stearns Cos.  hedge funds that invested heavily in securities backed by subprime mortgage loans are close to being shut down as a rescue plan is falling apart, The Wall Street Journal Online reported on Wednesday.
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US and European stocks were hit by a new bout of nerves on Tuesday as economic reports and the minutes of the latest meeting of the US Federal Reserve forced investors to focus on the impact of the subprime mortgage crisis on the wider economy.
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Goldman Sachs Group Inc.  Chief Financial Officer David Viniar predicted that the U.S. subprime mortgage market, which has suffered rising defaults and generated losses for lenders over the past year, will get worse before it gets better.
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U.S. stocks closed lower on Monday as growing concerns about the subprime mortgage market dragged down shares of Bear Stearns Cos.  and Goldman Sachs Group .
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Bear Stearns Cos. Inc.  does not plan to bail out the second of two struggling hedge funds -- citing stabilizing markets -- but the subprime loan woes that brought the funds down continue to rattle investors.
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Goldman Sachs Group Inc  and Credit Suisse Group  on Friday said they will cut about 2,000 job worldwide as a credit crisis puts a damper on fixed-income trading and corporate dealmaking.
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Stocks dropped sharply in morning trading as a familiar scourge â losses stemming from subprime home loans â struck two prominent players in the financial industry.
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Two Wall Street investment banks had dramatically different success in weathering market turbulence triggered by a subprime mortgage meltdown, as results at Goldman Sachs Group Inc  easily exceeded expectations while those at Bear Stearns Cos Inc  fell far short.
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H&R Block looks to put its subprime woes behind it.
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Shares on Wall Street looked set for  a weaker start on Wednesday as concerns about the U.S. subprime  mortgage market resurfaced ahead of U.S. housing and key  inflation data and a slew of corporate earnings.
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Merrill Lynch also took a write-down of more than $14 billion as subprime mortgage woes took another bite out of its balance sheet.
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Stock index futures fell on Wednesday as news that deep losses on subprime mortgage bonds have left two Bear Stearns hedge funds almost worthless further worried investors already edgy after lackluster results from Intel Corp.  and Yahoo Inc.