The us investment bank Goldman Sachs has released its first quarterly loss in six years, in the midst of the troubles in its commercial activity.
The firm has lost $1.9 bn(Â£1.4 bn) in the last three months of the year 2017, as revenue dropped 4% from the previous year.
It has also been reported to be a one-time tax charge of more than 4.4 billion euros, making it the last major bank to take a hit of changes in the code of the united states.
Bank of America has also reported a $2.9 billion tax charge, but profits soared.
The US passed a sweeping tax revision in December, which reduced the corporate rate from 35% to 21%, and changes to the way overseas profits are taxed.
The banks have warned the shareholders that the changes will lead to steep tax bills in the short term, but may be beneficial in the long term.
As well as displaying a quarterly loss, Goldman year profits fell more than 40% to $ 4.3 billion.
Some departments, such as investment banks, has well. But the main source of the problems is its difficulty in fixed income, currency and commodities trading business, which has seen revenues slide 30% during the year.
In the fourth quarter, revenue of the unit was $ 1 billion, down 50% on the same period in 2016.
Goldman blamed the problems on an unusually calm markets, which may hamper the demand of customers who are looking to take advantage of fluctuation.
The leaders are committed to improving the company, which account for a large part of the company’s global turnover.
Investors, however, are impatient.
On a conference call with the company, Wells Fargo analyst Mike Mayo said: “It just seems like progress has been much faster.”
Goldman shares fell almost 3% after the results. Bank of America shares have also declined, falling to about 1.5%, in spite of its improved performance.
Despite the success of the tax, the bank, which has a large consumer-focused business, earned $ 2 billion in profits in the fourth quarter.
Its full-year profit gained close to 3% from 2016 to 16.6 billion euros.