Blankfein says Goldman undergoing "big soul search"

Goldman Sachs Chairman and CEO Lloyd Blankfein gestures during his testimony before the Senate Homeland Security and Governmental Affairs Investigations Subcommittee hearing on ''Wall Street and the Financial Crisis: The Role of Investment Banks'' on Capitol Hill in Washington April 27, 2010.

WASHINGTON (Reuters) - Goldman Sachs Chief Executive Lloyd Blankfein said on Tuesday that the firm is undergoing "some big soul search" and is thoroughly reviewing its business practices.

"There's not a thing that will arise here and elsewhere that won't be the subject of some big soul search and some tightening up of standards," Blankfein told a U.S. Senate panel investigating the role the firm played in the financial crisis.

Blankfein also said at the Senate hearing that it does not agree with the U.S. Securities and Exchange Commission's fraud charges against the firm but said it would not handle future transactions in quite the same way.

"We have the position that we do, and we believe everything is adequate but given the criticism that we're going under and given the position the SEC has taken with our duties, we wouldn't do that. Guess what, we would tighten that up now, of course. Everything that's been the subject of criticism will be tightened up," Blankfein said.

(Reporting by Karey Wutkowski and Steve Eder)