Goldman Sachs reports huge loss

Goldman Sachs has reported a $2.12bn (£1.41bn) quarterly loss, its first since going public in 1999.

The US banking giant's loss for the three months to the end of November was still smaller than had been expected and its shares rose 4% in New York.

During the same period in 2007, Goldman Sachs reported net income of $3.22bn.

Goldman Sachs and rival Morgan Stanley are the only two of Wall Street's original five investment banks still in independent existence.

In September, they changed their status to become bank holding companies, allowing them to take deposits from investors.