Goldman Sachs (GS) Distressed-Debt Unit Lost $50-$60 Million This Year - Report

(Updated - August 26, 2015 4:08 PM EDT)

Goldman Sachs (NYSE: GS) distressed-debt group has been ensnared in the recent bond turmoil. Traders at the unit are said to have lost $50-$60 million in 2015, Bloomberg reported citing people familiar with the performance.

The group suffered some of the losses from a position held in Verso Corp. Bonds of the paper producer lost two-thirds of their value this year. Losses in oil-related bonds were also to blame.

The losses are not a small matter for Goldman. The unit generated about a quarter of the bank's fixed-income trading revenue over the past five years, or about $2.5 billion a year, Bloomberg noted.

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