Goldman Sachs CFO says bank’s lending to energy, hotel, airline sectors isn't 'material risk'
The lending does not present a 'material risk,' Stephen Scherr said
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Goldman Sachs Chief Financial Officer Stephen Scherr said on a call with investors on Wednesday that the bank’s lending to companies in the energy, hotel, gaming and airlines sectors does not present a “material risk” to the firm.
GOLDMAN SACHS ENDS CORONAVIRUS SHUTDOWN AT ASIA OFFICES, BUT NOT NYC, LONDON
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GS | THE GOLDMAN SACHS GROUP INC. | 602.78 | +6.67 | +1.12% |
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Loans to companies in these sectors make up roughly 10% of the bank’s overall corporate lending, Scherr said. Nonetheless, Goldman has doubled provisioning for its loan exposure to oil and gas companies, he said.