Goldman Sachs Details Revenue in Bid to Deflect Criticism
The 63-page report, released today, breaks down its revenue to show how much comes from its own trading and investing, The Wall Street Journal said.
The bank faced intense criticism from the public in 2010. The bank also had to deal with a lawsuit from the SEC, which charged that it misled investors who bought into a mortgage security that it had been designed for another client to bet against.
"Our history of good performance through the crisis became a liability as people wondered how we performed so well and whether we'd received favorable treatment from well-placed alumni," CEO Lloyd Blankfein said Monday, according to The Wall Street Journal. "This was not only a poor place to be, it was a dangerous place to be."
The report details new rules to prevent conflicts of interest. Traders and brokers will now be barred for 30 days from "expressing a view" about a deal or client for which Goldman is the underwriter.
Not everyone was convinced that Goldman's steps were meaningful.
"The question is, are they changing the culture, or is it a forum to respond to public concerns? If there is a substantive change, that's great," said Charles Elson, director of the John L. Weinberg Center for Corporate Governance at the University of Delaware.