Goldman Sachs fired several executives in its transaction banking unit after they violated the firm’s communications policy, in keeping with a memo seen by Reuters on Wednesday.
The corporate didn’t name the individuals within the memo. Philip Berlinski, the bank’s treasurer, will take over day-to-day management of transaction banking alongside Akila Raman and Luc Teboul. Berlinski can be leading Goldman’s financial technology and consumer business on an interim basis.
Hari Moorthy, the top of transaction banking, was among the many individuals who departed, the person said. He isn’t any longer listed as a registered broker on industry regulator FINRA’s website.
Moorthy didn’t reply to a voicemail or LinkedIn message searching for comment.
“We usually are not going to comment on individual disciplinary matters,” the corporate said in an email. “We take our communications policy seriously, and we expect all of our personnel to comply with it.”
Several Goldman executives in its transaction banking unit violated the firm’s communications policy, Reuters reported.Reuters
The individuals violated the firm’s communications policy, which states that employees must communicate about firm-related business on firm-approved communications channels, in keeping with the memo. The news was first reported by Reuters.
The fired executives also did not cooperate with Goldman Sachs’ compliance department.
The bank stays strongly committed to the transaction banking business, it said.
Regulators have fined dozens of Wall Street firms for failing to maintain tabs on employees’ use of “off-channel” communications including text messages and WhatsApp.IAN LANGSDON/EPA-EFE/Shutterstock
US regulators have to this point fined dozens of Wall Street firms collectively greater than $2 billion for failing to maintain tabs on employees’ use of “off-channel” communications including text messages and WhatsApp.
Goldman Sachs was among the many first wave of huge banks regulators hit with stiff penalties for such recordkeeping failures.