Despite the fact that Goldman has weathered the storm of the sub-prime crash relatively well after pulling out of risky investments, it seems the ensuing credit crunch will not leave it untouched.
According to the Telegraph, Wall Street's most powerful investment bank will announce that its first-quarter earnings for 2008 have halved.
The newspaper reports that much of the writeÂ¬down is due to the declining value of Industrial & Commercial Bank of China, in which it owns a 4.9 per cent stake.
Goldman's leveraged loan business has also caused it a $1.6 billion writedown after a lack of demand for trading bank debt.
Some $1.1 billion will be written down related to assets owned by Goldman's private equity business.
"These are not the kind of toxic assets which have hurt banks like UBS, Merrill Lynch and Citigroup so badly," an analyst told the Telegraph, referring to other banks' sub-prime investments.