Goldman Sachs Group Inc. lowered the top end on its range of "reasonably possible" legal losses to about $2.5 billion, the Wall Street firm said Wednesday in a regulatory filing. The estimate, which tracks potential losses above what is already set aside in reserves, stood at about $3.2 billion in August. In May, the figure was $3.7 billion. Goldman also said Wednesday that its traders posted net losses on eight days during the third quarter. In the same period, net trading revenue exceeded $100 million on eight days. The New York firm had increased its legal reserves by $194 million during the third quarter after adding $284 million in the period that ended in June. Goldman's credit exposure in Russia, which has drawn U.S. sanctions for its actions in Ukraine, rose to $614 million as of September, up from $473 million in June, while its market exposure in the country climbed to $802 million from $624 million. In characterizing business conditions around the world, Goldman said "market tensions related to the political situation in Ukraine and Russia receded over the course of the quarter." Write to Justin Baer at justin.baer@wsj.com Access Investor Kit for The Goldman Sachs Group, Inc.

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