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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInGoldman Sachs Fires Transaction Banking Chief Hari Moorthy, Others for Lapses – Bloomberg
Goldman Sachs Group Inc. fired transaction banking executives including the head of the business, Hari Moorthy, over compliance lapses, a person with direct knowledge of the matter said. The Wall Street firm terminated several leaders of the unit who communicated on unauthorized channels and didn’t comply with an internal review, according to a memo to […]
Goldman Sachs appellate ruling is boon for securities class action defendants | Reuters
“If a stock price decline follows a back-end, highly detailed corrective disclosure — containing, for example, “hard … incriminatory” evidence regarding the company’s wrongdoing — courts must be skeptical whether the more generic, front-end statement propped up the price to the same extent,” the 2nd Circuit majority said. “Ultimately, a court must determine not just […]
Fed, SEC Probing Goldman Sachs’s Role in SVB’s Final Days – WSJ
The Federal Reserve and the Securities and Exchange Commission are investigating Goldman Sachs’s role in buying Silicon Valley Bank’s securities portfolio while it was working on its doomed capital raise before the bank’s failure, according to people familiar with the matter. The Justice Department has also subpoenaed Goldman as part of its investigation into SVB, […]
Goldman, Morgan Stanley win dismissal of investors’ Archegos lawsuits | Reuters
A U.S. judge on Friday dismissed seven lawsuits by investors who accused Goldman Sachs Group Inc and Morgan Stanley of market manipulation and insider trading before the collapse of Bill Hwang’s $36 billion Archegos Capital Management LP. U.S. District Judge Paul Crotty in Manhattan rejected claims that the Wall Street banks, two of Archegos’ prime […]
Goldman Sachs bankers have nickname for looming mass layoffs
Goldman Sachs is expected to fire about 3,200 workers starting on Wednesday — a massive bloodbath that bankers at the firm are calling “David’s Demolition Day,” The Post has learned. Word of the layoffs by hard-charging chief executive David Solomon spread at the Wall Street giant’s headquarters in downtown Manhattan on Friday after a partner […]
Goldman Sachs weighs bonus cut of at least 40% at investment bank | Financial Times
Goldman Sachs is considering shrinking the bonus pool for its more than 3,000 investment bankers by at least 40 per cent this year, as chief executive David Solomon tries to control costs with deeper cuts than many of its Wall Street rivals. The final bonus pools at Goldman are still being decided but the prospect […]
Goldman Sachs Leading Investor Group to Buy Celsius Assets: Sources
Goldman Sachs is looking to raise $2 billion from investors to buy up distressed assets from troubled crypto lender Celsius, according to two people familiar with the matter. The proposed deal would allow investors to buy up Celsius’ assets at potentially big discounts in the event of a bankruptcy filing, the people said. Goldman Sachs […]
Goldman Sachs to Offer Its Investing Know-How to the Masses – WSJ
You used to need at least $10 million in investible assets to draw the attention of wealth managers at Goldman Sachs Group Inc. Now, all it takes is $1,000 and a smartphone. The Wall Street firm on Tuesday is set to unveil Marcus Invest, a low-cost digital platform that allocates and automatically rebalances individuals’ wealth […]
Goldman Sachs VP Charged with Insider Trading | Institutional Investor
A vice president of investment banking at Goldman Sachs was arrested and charged with using inside information to place profitable trades in advance of the bank’s investment banking deals. The U.S. Attorney’s office for the Southern District of New York on Thursday accused Woojae “Steve” Jung with using sensitive client information to trade the stocks […]
Why Haven’t Bankers Been Punished? Just Read These Insider SEC Emails – ProPublica
While the SEC, as well as federal prosecutors, eventually wrenched billions of dollars from the big banks, a vexing question remains: Why did no top bankers go to prison? Some have pointed out that statutes weren’t strong enough in some areas and resources were scarce, and while there is truth in those arguments, subtler reasons […]