NEW YORK — Goldman Sachs Group Inc will detail plans to turn around performance at its core bond-trading unit next month after unusual pressure from large investors frustrated by vague explanations of its troubles, people familiar with the matter told Reuters. The move is a break from tradition at Wall Street's pre-eminent bank, which usually gives its investors little information about how it makes money. That was the case last month, when Goldman reported a stunning 40-percent decline in bond-trading revenue, much worse than rivals like Morgan Stanley and JPMorgan Chase & Co.Goldman Chief Financial Officer Marty Chavez said Goldman had trouble "navigating" the markets during a conference call to discuss second-quarter results on July 18, but did not offer specifics. Advertisement Continue reading the main storyThat, and his vagueness over the causes of Goldman's problems, unsettled some investors. "You were left with reading about what 'navigating the market,' means and that doesn't feel satisfying," said Ian McDonald, a U.S. bank analyst at Janus Henderson, which owns 2.5 million Goldman shares.

Source: New York Times August 29, 2017 23:51 UTC