Goldman Sachs' 63-page report, from its Business Standards Committee, details some interesting shifts that add up, in the eyes of many, to mere incremental change. It's certainly not the massive overhaul some critics hoped for. But many of these changes are noteworthy, and we can only hope other banks follow suit.

The change garnering the most attention is one that will break out how much revenue Goldman generated from market making activity for clients and how much it generated from its own investment activity. This will be interesting, as the company has long put the idea of proprietary trading and market making into one lump, to the frustration of many.

Other changes of note: it will place clients into a matrix that ranks their level of sophistication, so they can be pitched appropriate products. Goldman will also shift some underwriting and origination of derivatives deals to the investment banking group from the securities division, where many think it will be subject to more exacting client-facing standards, a way to emphasize relationships when dealing with these structured products.

All in all, the response has been decent, though carefully worded caveats are being voiced. The company spent a full day presenting the changes to the partners, which seems appropriate if the firm is serious about all of this.

The question now is whether this is the final word on the financial crisis for Goldman Sachs, which has suffered mightily but rebounded strongly. Barring additional charges, which seem unlikely, this may well be the final chapter.

For more:
- here's a Deal Journal item

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