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 today, 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.