Goldman Sachs Group will detail plans to turn around performance at its core bond-trading unit next month after unusual pressure from large investors frustrated by vague explanations of its troubles, people familiar with the matter told Reuters. The move is a break from tradition at Wall Street's pre-eminent bank, which usually gives its investors little information about how it makes money.

A Goldman Sachs sign at at NYSE. Brendan McDermid | Reuters

That was the case last month, when Goldman reported a stunning 40-percent decline in bond-trading revenue, much worse than rivals like Morgan Stanley and JPMorgan Chase & Co. Goldman Chief Financial Officer Marty Chavez said Goldman had trouble "navigating" the markets during a conference call to discuss second-quarter results on July 18, but did not offer specifics. That, and his vagueness over the causes of Goldman's problems, unsettled some investors. "You were left with reading about what 'navigating the market,' means and that doesn't feel satisfying," said Ian McDonald, a U.S. bank analyst at Janus Henderson, which owns 2.5 million Goldman shares. "Did they cut too deep on the bench? Are they not in a position to be taking on risk as much as peers?" he asked. McDonald said he has faith in Goldman's trading prowess and its stock, but wants the bank to do a better job of communicating its strategy. Goldman Sachs spokeswoman Ida Hoghooghi declined to comment.

Investor frustration