Goldman Sachs has become the latest investment bank to attempt to prod its equity analysts off the fence by banning “outperform” and “underperform” stock recommendations.

It is now insisting on unambiguous “buy” and “sell” tips for which its number-crunchers will be held accountable. The tougher stance is part of a shake-up of the investment bank’s equity research in which Goldman will roll out what it dubs “Action” research globally from Monday.