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Industries
Finance


GOLDMAN SACHS FIRES TRANSACTION BANKING CHIEF MOORTHY, OTHER LEADERS OVER LAPSES

 * Some of unit’s executives communicated on unapproved channels
 * Firm is looking to relatively young unit to help boost revenue

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Goldman Sachs headquarters in New York.

Photographer: Michael Nagle/Bloomberg
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By Sridhar Natarajan
September 14, 2023 at 5:55 AM GMT+8
Updated on
September 14, 2023 at 7:11 AM GMT+8

Listen

1:56

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 employees 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.”

The abrupt ousters hit a unit that Goldman has been working hard to grow, as it
looks to soak up more corporate deposits and generate steady fees. At an
investor day in February, Chief Executive Officer David Solomon said the young
business — already profitable — is just at the beginning of its potential to
deliver more for the company.



Wall Street banks are under heavy pressure to police employees’ communications
following a US crackdown on the industry’s widespread use of WhatsApp and other
unauthorized platforms. Federal rules require firms to monitor and archive all
work-related messages. Goldman was one of several banks that regulators slapped
with fines of $200 million apiece last year.

In recent months, the transaction banking unit has also faced Federal Reserve
scrutiny that previously focused on the company’s oversight of consumer banking.
The dismissals are unrelated to those inquiries, the person with knowledge of
the matter said.

Read more: Wall Street hit with $2 billion of fines in WhatsApp probe

The internal memo, written by Goldman Treasurer Philip Berlinski, reminds
employees of their duty to comply with rules and to report any concerns.
Berlinski said he will oversee the business with Akila Raman and Luc Teboul, and
that the company is staunchly committed to its continued growth.



(Updates with background on unit from fourth paragraph.)

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