Goldman Has $2.3 Billion ‘Funded’ Credit Exposure to Italy
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Goldman Sachs Group Inc., the fifth-biggest U.S. bank by assets, had $2.32 billion of “funded” credit exposure to Italy’s government, financial institutions and companies as of Sept. 30.
Hedges that offset those risks result in a net funded exposure of $700 million, the New York-based company said in a quarterly filing with the Securities and Exchange Commission today. “Substantially all” of the hedges are purchased from investment-grade counterparties based outside of Greece, Ireland, Italy, Portugal and Spain, Goldman Sachs said.