Goldman Sachs Group has reportedly nearly completed a long-awaited rescue of a $7bn (€4.5bn) structured investment vehicle, sources said, just as it adjusts to the credit crunch by laying off hundreds of bankers

Reuters reports that the deal to restructure the SIV, formerly run by British hedge fund Cheyne Capital, comes as Wall Street's biggest investment bank is expected to report a 33% drop in second-quarter earnings on Tuesday, hurt by a fall in activity in key markets.