Goldman Sachs has said it must be “self-critical and improve” following its agreement to pay $3.9 billion to the Malaysian government as penance for its failings during the 1MDB scandal in 2012 and 2013.

The settlement, revealed today (24 July), would see the bank pay $2.5 billion cash and $1.4 billion in proceeds from assets related to the sovereign wealth fund, which have been seized by various governments.

The settlement related to the $6.5 billion the bank helped raise through bond offerings for Malaysian state fund 1MDB back in 2012 and 2013.

Malaysian prosecutors alleged that the offering statements ...