Goldman Sachs 'listens to critics' in image revamp

Goldman Sachs is to make changes in the way it reports its finances and how it relates to clients, investors and analysts, sources have claimed.

The bank is trying to revamp its image in the aftermath of a $550 million settlement with the US Securities and Exchange Commission, according to the Wall Street Journal.

Goldman has also hired an executive from outside the company who has been a vocal critic of Wall Street pay practices and weak corporate governance.

Large institutional investors have told Goldman's Business Standards Committee what they do not like about the firm's business practices and what types of disclosures they would like, sources told the paper.

However, Goldman is not expected to announce any changes when it reports earnings tomorrow, the WSJ said.