News: Goldman Sachs, Fannie Mae, and Royal Bank of Scotland (NYSE:RBS),(NYSE:FNM),(NYSE:GS)


Goldman Sachs provided a more detailed view of its legal troubles Monday, acknowledging it faces a series of government probes over some of its business dealings.  In its latest quarterly filing, Goldman disclosed that there are investigations from both Britain's Financial Services Authority as well as the independent U.S.-based Financial Industry Regulatory Authority, or FINRA, over the sale of mortgage-related investments.  Wall Street's top investment bank also revealed that it was subject to a number of investigations related to its work with Greece, after helping the now-embattled nation issue debt and conduct other complex financial transactions.  More at CNN

Fannie Mae (NYSE:FNM) reported financial results this morning for the first time under a new accounting standard.  Bottom line: the new rules result in a much deeper-than-expected loss for Q1 and revenue down by 42% to $3.02 billion, well below the $5.63 billion expected.  Q1 net loss per share of $2.29 was an improvement from the $2.87 loss reported a year earlier, though it missed the average $1.75 loss estimate.  Fannie’s balance sheet for the first time includes a whole slew of mortgage-backed securities that were off the balance sheet following a new accounting rule passed by the Financial Accounting Standards Board.  More at Barron’s

Royal Bank of Scotland on Monday announced a further 2,600 job cuts, mostly in its insurance operations, taking the total number of jobs lost since the bank first required government aid to around 20,000. The bank said 2,000 roles will go in its insurance arm as it cuts costs over the next 12 months in preparation for the unit's initial public offering in the first half of 2012. It's disposing of the insurance business in order to meet European Union demands following a bailout that left the bank 83% owned by the state. The remaining 600 job cuts are in the head office of its retail network, which is being scaled down to reflect the upcoming sale of around a fifth of its branches. The bank said it will do "everything possible" to keep compulsory redundancies to a minimum.  More at MarketWatch


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