Goldman Sachs has agreed to detail how and where it makes its money and will also disclose how much revenue comes from the bank’s own trading and investing, The Wall Street Journal reports. The reporting change follows an eight-month review and a lawsuit against the lender by the Securities and Exchange Commission.
The 39 changes set to be adopted by Goldman include procedures to make sure the bank does not take advantage of clients, even accidentally. Under the financial-reporting changes, Goldman will report revenue in four business groups, instead of three. Revenue from trading done on behalf of clients will be segregated from revenue generated by Goldman’s own holdings of stock, bonds, real estate and other investments.
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