video transcript

Goldman Sachs is doing some serious soul searching in the wake of the SEC settlement breaking news rights when it comes a public perception. Goldman's -- hell and back. Joining us now more on this story is writers breaking news columnist Jeff Goldberg of the future for the future. So Goldman's leaders taking a step back to review the strategy and puts behind. Well yes so there they're heading down the sort of spiritual journey and part of what we think it's because. When it came to mark to market which is sort of like this that's emblematic -- sort of facing up to reality of the market with securities Goldman was at the forefront of it. Don't always like the way assets are being price but -- after the market says -- valued at Bethel Goldman. What they never it was of their own reputation they never really marked their reputation market and that sort of catching up to them and it looks as though. That's where they're headed they're they're starting receive to themselves the way the market sees them and trying to adjust to that reality. The last time Goldman reevaluated itself the investment bank actually went public aren't quite a big deal that -- yeah. Could go out some other revolutionary announcement well that's kind of what we think America would. We think maybe don't expect some surprise but that's where when Goldman thinks about itself what it does this sort of soul searching it doesn't -- very serious way to thoughtfully and analytically. And have set up this business standards committee which they do today. To try and address this issue of putting clients first to be more transparent. And where that goes. You know is not going to be a trivial matter for. Go lot of other they're sort of international -- on this group. And now we think we papers could be some change and things that come out. Amendment reads possible you know what this is I mean this one of the few things they came out of this crisis is that because Google's wholesale bank. There was this idea that they would sort of be removed from the afraid of the political fray. But the fact that may have hurt them the idea you know sort of a lot of other banks JPMorgan wells. City they all have tens of millions of customers that are interfacing with the bank on a daily basis in fact this can be constituency that actually have some happy clients of course. That can sort of speak on your behalf and the underside. -- didn't have it as well maybe they could get into some sort of until does that not going to be. You know having checking accounts and posters and that sort of thing but maybe there is some sort of side of the retail does that -- it's a stretch but it's the kind of sort of outside the box thinking you should -- expectancy. Will be a change in the Goldman culture. There could be I mean certainly when they made the move from going private to to going public that was huge change and it hasn't changed as much that needs to -- still sort of a partnership mentality and by the firm with some folks and so it's it it is a difficult process. But you know gold will be the first to tell you that you know they they managed to move with the times. And you know they've lagged again on this trip educational issue I think we're gonna start to see some. Typical -- thanks so much good to talk to you. Jeff is the writers breaking news columnist read this column and awards -- is could be RV and from Reuters 3000 extra. I Rhonda -- this is Reuters.