The New York Post reports that Goldman Sachs CEO Lloyd Blankfein has issued a memo to managers that asks, among other things, that employees be encouraged to tone down their spending. This is an understandable move considering the bank generates controversy with its every move these days. The memo was also said to have told managers, to tell employees that the record second-quarter earnings doesn't mean that they will be guaranteed massive bonuses. Indeed, the year is far from over.

The Post also reports that in "a company-wide voice mail left last week, the CEO assured employees that management is 'focused on addressing the negative news and that [Goldman] remains committed to integrity and excellence.'" Blankfein is clearly sensitive to the many PR issues facing the firm, but they will not be easily solved. You can't recreate a media image over night. But you can bet the bank will be investing in this area. I'm sure PR firms are working themselves into a lather at the thought of getting this business. 

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