Goldman Sachs Repairing Damaged Reputation

Goldman Sachs

Goldman Sachs

This past July Goldman Sachs Group Inc. was forced to pay the government $550 million as a settlement from the lawsuit against the firm. The lawsuit stemmed from accusations by federal regulators citing the company with fraud. The company admitted that it had made a mistake as part of the settlement.

Since then the company has been reportedly working internally do make changes to prevent a repeat of the illegal behavior. A five part internal committee of employees was created with the task of evaluating its business processes and make recommendations. Each group is tasked with a different area of focus within the company.

The focus of the teams is on: conflicts of interest, financial reporting and public disclosure, client responsibilities, employee training, and proper sales guidelines for complex products. Details on the recommendations from the group are set to be released in a public report.

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