Valuation declines in commercial mortgages and "virtually every asset class" contributed to a $2.12 billion net loss at Goldman Sachs during the fourth quarter. "Our results for the fourth quarter reflect extraordinarily difficult operating conditions, including a sharp decline in values across virtually every asset class," said Lloyd C. Blankfein, chairman and chief executive officer. Among these, Goldman noted a net loss of approximately $700 million on commercial mortgage loans and a loss of roughly $1 billion related to non-investment-grade credit origination activities.
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