(Reuters) — Goldman Sachs Group Inc. expects to incur $2.3 billion more in potential losses from legal proceedings than the reserves it had set aside for such matters last year, a regulatory filing by the investment bank showed on Friday.
That was in line with what the bank had estimated at the end of its third quarter in September, but was higher than the $2 billion loss it expected in 2021.
Goldman has been the target of lawsuits ranging from its role in Malaysia’s 1MDB sovereign wealth fund scandal to the 2021 collapse of Archegos Capital Management.
A long-running gender bias lawsuit alleging widespread bias against women in pay and promotion at the Wall Street bank is also expected to go to trial later this year.
Goldman Sachs also said it is cooperating with the Consumer Financial Protection Bureau and other government agencies regarding investigations and inquiries into the bank̵
7;s US credit card processing practices.In the most recent registration filing, it mentioned the CFPB investigation, but the most recent filing indicated that other government agencies were also seeking inquiries. The company did not identify the other bodies.
Goldman also approved a $30 billion buyback program in February, it disclosed in the filing.
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