Goldman Chided for ‘Woefully Short’ Disclosure in Analyst Note
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Goldman Sachs Group Inc. may be the top bank for advising many of the world’s largest companies but its own financial reporting leaves much to be desired, according to Wells Fargo & Co. analyst Mike Mayo.
Responding to the Wall Street bank’s update of its financial disclosures last Friday, Mayo issued a scathing critique, saying it should provide far more detail on how its new divisional reporting compared to past periods. Goldman Sachs released the new information days before the release of fourth-quarter earnings — a measure that didn’t give the market enough time to digest the changes, Mayo said.