Goldman opens up its business books
Tuesday 11 January 2011
Goldman Sachs is to reveal more details about how it makes its multibillion-dollar profits, in a move designed to temper the public and political criticism that the investment banking giant has received since the credit crisis.
An internal review of how it does business is also expected to promise that when it invents complex new financial products they will be vetted as to their suitability for clients and then closely watched for their effects.
Lloyd Blankfein, the chief executive, presented the review to Goldman's senior staff yesterday. "We must renew our commitment to our business principles – and above all, to client service and a constant focus on the reputational consequences of every action we take," the authors wrote, in an excerpt leaked to the media.
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