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 This material may not be published, broadcast, rewritten or redistributed.)