Goldman Folds to Pressure on Arbitration Secrecy Stance
- Bank plans to study effects of mandatory arbitration
- Reversal follows embarrassing vote at shareholder meeting
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Goldman Sachs Group Inc. reversed its stance on disclosing the effects of forced arbitration after an embarrassing vote at its annual investor meeting.
The bank plans to support a shareholder proposal it previously opposed that required the firm to prepare a report on how mandatory arbitration affects staff and the workplace. The initiative attempted to chip away at a longstanding Wall Street practice of keeping harassment complaints confidential.