Goldman Sachs Lays Off Several Executives In Transaction Banking -Memo
by upasana sarbajna Business 14 September 2023
Goldman Sachs fired multiple executives within the transaction banking unit after they had violated the communication policy of the firm, as per a memo witnessed by Reuters on Wednesday.
The company did not mention the names of the individuals in the memo. The bank’s treasurer, Philip Berlinski, will be taking over the per-day management of transaction banking along with Luc Teboul and Akila Raman. Berlinski is also leading the financial technology and the consumer business on an interior basis at Goldman Sachs.
The head of the transaction, Hari Moorthy, was also one of the people who departed. He is no longer enlisted as a registered broker on FINRA’s industry regulator website.
Moorthy has yet to respond to the voicemails or the text messages on LinkedIn that are seeking comments.
“We are not going to comment on individual disciplinary matters,” the company added in a mail. “We take our communications policy seriously, and we expect all of our personnel to comply with it.”
The individuals went against the communication policies of the firm, which mentions that all employees must communicate the business related to the firm only on the communication channels that are approved by the firm, as per the memo. Reuters was the first organization to break the news.
The executives who were fired failed to cooperate with the compliance department of Goldman Sachs.
The bank strongly remains committed to its transaction banking business, it added.
Regulators in the US have so far charged penalties against dozens of Wall Street firms for over $2 billion for not keeping tabs on employees for using off-channel modes of communication, which included text messages on WhatsApp. Goldman Sachs was the very first one among the wave of big banks that regulators had hit with severe penalties for such failures in maintaining records.
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