Goldman Sachs Group Inc. fired transaction banking executives including the head of the business, Hari Moorthy, over compliance lapses, according to a person with direct knowledge of the matter.
(Bloomberg) — Goldman Sachs Group Inc. fired transaction banking executives including the head of the business, Hari Moorthy, over compliance lapses, according to a person with direct knowledge of the matter.
The company told employees in a memo that it terminated several leaders of the unit who communicated on unauthorized channels and didn’t comply with an internal review, according to a copy seen by Bloomberg. Moorthy, who isn’t named in the memo, didn’t immediately respond to messages seeking comment.
“We are not going to comment on individual disciplinary matters. As a general matter, we take our communications policy seriously, and we expect all of our personnel to comply with it,” the bank said in a statement. “Goldman Sachs remains fully committed to our transaction banking business.”
Goldman Sachs was one of several banks that were hit by regulators with $200 million each in fines last year over employees’ use of WhatsApp and other unauthorized communications platforms for work.
Though the transaction banking unit has faced increased regulatory scrutiny, the person with knowledge of the situation said the dismissal is unrelated to those inquiries.
Read more: Wall Street hit with $2 billion of fines in WhatsApp probe
(Updates with background from fourth paragraph.)
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.