Goldman guilty of favouritism, clients say

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Critics said that, by the time the views of the bank filtered down to clients, the price of the stock had often already moved and the potential profit been made by the bank.

The Wall Street Journal cited the example of analyst Marc Irizarry, whose publically stated rating on shares in a company called Janus Capital Group was "neutral".

However, at an internal meeting, Irizarry told dozens of Goldman traders the price was actually likely to rise. The next day, 50 favoured clients were given the same tip. But thousands of smaller clients were kept in the dark for another six days, when Irizarry's written report on Janus was published. By that time, the shares had leaped nearly 6%.

Goldman analysts offer stock tips internally every week at what the firm calls a "trading huddle". Few of the bank's thousands of clients ever get to hear about them, the newspaper claimed.

Goldman said compliance officers are usually present at trading huddles.