LONDON, March 16 (Reuters) - Investment bank Goldman Sachs will announce asset writedowns of $3 billion when it posts earnings on Tuesday, Britain's Sunday Telegraph newspaper reported, without naming sources.
The company will report a fall of about 50 percent in first-quarter earnings, the newspaper said.
Goldman Sachs was not immediately available for comment.
Goldman will take a hit of around $1.6 billion in its leveraged loan business, $1.1 billion in connection with assets owned by its private equity arm and will have to writedown the value of its stake in Industrial & Commercial Bank of China (ICBC) (601398.SS: Quote, Profile, Research), the story said.
Shares in ICBC have fallen around 14 percent in the last two months.
Goldman will point out that its exposure to the sub-prime mortgage market remains minimal, the paper said, according to unnamed people close to the bank.
(Reporting by Chris Wills and Mathieu Robbins, Editing by Jason Neely)
http://www.reuters.com/article/etfNews/idUSL161463220080316I don't know how reliable the Telegraph is, just passing the news along :hi: