Goldman Plans To Change Reporting Practices

NEW YORK (AP) — In response to widespread criticism over its practices, Goldman Sachs Group Inc. is seeking to become more transparent about its business practices.

Among the most significant of 39 changes suggested in a report released Tuesday, the New York investment bank said it will start disclosing how much revenue its trading desk generates.

Goldman’s 63-page report is the result of an eight-month review of the firm’s practices. It comes after Goldman paid $550 million to settle a lawsuit filed by the Securities and Exchange Commission that accused Goldman of creating and selling an investment that was designed to fail.

Goldman’s reputation took a hit during the financial crisis, and the lawsuit intensified the scrutiny.

It will start reporting its revenue structure starting with its fourth-quarter results, which are due on Jan. 19.

(Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Giving Tuesday
Charles Osgood Event

Listen Live