Goldman Takes Loss on Commercial Mortgage Business

The Goldman Sachs Group Inc., New York, took a $1.5 billion commercial mortgage loss among commercial and residential write-downs during 2009. But the company also said it saw particularly strong performances compared to the exceptionally weak previous year in areas that included mortgage-related trading and principal investments. It also said it reduced its compensation and benefits by $4 billion to its lowest-ever compensation ratio. The company as a whole had net earnings of $13.39 billion with diluted earnings per common share of $22.13 during fiscal 2009, which ended Dec. 31 of that year. During fiscal 2008, which ended on Nov. 28 of that year, Goldman had diluted EPS of $4.47 and net earnings of $2.32 billion. During the fourth quarter of 2009, Goldman had net earnings of $4.95 billion and diluted earnings per common share of $8.20. During the fourth quarter ended Nov. 28, 2008, the company took a diluted loss per common share of $4.97 and net loss of $2.12 billion.