The News: Is Goldman Just Another Bank?

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Goldman Sachs has long been known as the client-focused, long-term-looking financial services company whose reputation, best practices and profits were aspired to by everyone else on Wall Street. While today the reputation and profits are still there, Lloyd Blankfein's Goldman Sachs is about profits first, and all else second. Just like, hints reporter Jenny Anderson in the New York Times, every other investment bank.

It's all about the DNA of traders. For all his public diplomacy, Blankfein is a trader used to moving around huge amounts of money in the chase of quick profits. Under him, "discreet bankers who give advice to corporate clients and help them raise capital - once a major source of earnings for Goldman - have been eclipsed," Anderson writes. Indeed, bankers are under pressure to generate bigger profits from corporate clients.

It is, in the view of many Goldman executives and alumni, a fundamental shift in the firm's approach to business, though not necessarily a bad one. For its part, Goldman Sachs itself sees itself as evolving - with clients leading the way. Said spokesman Lucas van Praag: "This business is all about serving clients, and if you don't evolve, you die."

As Goldman Thrives, Some Say an Ethos Has Faded [NY Times]

Compensation Reforms Not to Burden Goldman, M. Stanley: Analyst [NY Times]

Bank Agency Boosts Budget 35% [WSJ]

S.E.C. to Force Broader Disclosure on Executive Pay [Dealbook]

RBS Ties Its Fortunes Closer to U.K. [WSJ]

Large adviser teams control 80% of wirehouse assets [InvestmentNews]

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