Goldman Sachs *Almost* Done With Rough Draft of Ethics Report

In the wake of its $550 million settlement with the Securities and Exchange Commission this past July, should have a rough version of a navel-gazing ethics examination ready for its December board meeting, CNBC’s Kate Kelly reports.

If you’re looking for a story of redemption and reinvention to come out of this, don’t hold your breath:

Those hoping for big changes to the company’s organization and conduct may be disappointed, however. Some of the recommendations mentioned in the report, say people familiar with the matter, including the spin-out of Goldman’s proprietary-trading units, are already underway. Others include a suggestion that the firm improve its financial disclosure, said one of these people.

The polished, final copy of Goldman’s ethics report should be ready by January, at the earliest. Will there be any revisions beyond the occasional caught typo, elimination of passive voice or added footnote? We’ll have to wait and see.

mtaylor [at] | @mbrookstaylor

Goldman Sachs *Almost* Done With Rough Draft of Ethics Report