Goldman Sachs Group Inc. swung to a fiscal fourth-quarter net loss on slumping results at its equities business, the banking giant's first quarterly loss since going public a decade ago.

The investment banking landscape has changed dramatically since Goldman reported its last results. Goldman and rival investment bank Morgan Stanley are now the only major independent U.S. brokerages left after the economic downturn and a series of bad investments forced their other competitors to bankruptcy or into the arms of rivals.

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