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Goldman Sachs to sell 5 billion dollars in new shares

Apr 14, 2009, 15:52 GMT

New York - US investment bank Goldman Sachs said Tuesday it would raise 5 billion dollars in new capital through the offering of 40.6 million new shares of stock. The funds would be used to repay part of the 10 billion dollars in government loans the firm received in October. Goldman Sachs surprised analysts with quarterly profits announced late Monday that rose 13 per cent to 1.7 billion dollars in the first quarter despite the global financial crisis. Other major banks and investment firms are to report quarterly earnings in the coming days. The higher than expected earnings followed the first quarterly loss since the firm went public a decade ago and came despite billions in write-downs on mortgage-related securities. Despite the earnings, chief finance officer David Viniar warned Tuesday of continued rough times in the field.

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