Goldman Lost an Extra $5B in Prop Trading: Report

NEW YORK ( TheStreet) -- Goldman Sachs ( GS) lost $5 billion more on proprietary investing in 2008 than it had previously disclosed, the Financial Times reported Friday.

Goldman revised its reporting standards this week following a review by a Business Standards Committee it created to assess the firm's policies and procedures and recommend changes.

As a result of the review, Goldman will now disclose more detail about its financial results, and it began that process with a revised Securities and Exchange Commission filing Tuesday.

The Financial Times noticed a detail that appears to have escaped the rest of the press: an extra $5 billion in losses in 2008 that previously hadn't been disclosed.

The change doesn't affect Goldman's overall results for 2008, but, the newspaper predicts it will "deepen the debate over companies' financial disclosures, while pressuring competitors, like Citigroup ( C), JPMorgan Chase ( JPM) and Bank of America ( BAC) to follow suit.

Goldman shares were higher Friday, along with other financials, following strong fourth quarter results from JPMorgan.

-- Written by Dan Freed in New York.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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