Goldman Sachs has reported its first quarterly loss since going public nine years ago.
The plunging value of shares, debt and property caught up with a Wall Street giant which had largely avoided fall-out from the global credit crisis.
Goldman posted a net loss of $2.12 billion for the fourth quarter to November 28, compared with record net profits of $3.2 billion a year earlier.
It was the firm's first loss since the fourth quarter of 1998, when the collapse of Long-Term Capital Management and the Asian debt crisis affected markets.
The company reported negative net revenue of $1.58 billion as writedowns outstripped revenue. A year earlier, net revenue totalled $10.7 billion.
Analysts warned in recent weeks that falling prices of equities, fixed income and other investments would generate up to $9 billion in writedowns at Goldman. Goldman's shares have fallen nearly 70% this year, and nearly two-thirds since September.
