Goldman, JPMorgan Said to Fire 30 Analysts for Cheating on Tests
Bloomberg, 16 October 2015
Goldman Sachs Group Inc. is said to have dismissed about 20 analysts globally in offices including London and New York after discovering they had breached rules on internal training tests. This news came after JPMorgan Chase & Co., the biggest U.S. bank, fired 10 employees for similar offenses last month.
It is said that bankers throughout Wall Street often assist each other on basic training and compliance tests because these are seen as time consuming and repetitive. Investment banks have started taking strict measures to prevent this from happening in recent years amid increasing scrutiny from regulators.
Link: http://www.bloomberg.com/news/articles/2015-10-16/goldman-sachs-said-to-dismiss-20-analysts-for-cheating-on-tests
Lessons Learnt
• This is a gentle reminder that compliance training (including face-to-face training and eLearning modules) should be taken seriously. That way, we live up to our corporate values “Honourable” and “Committed”.
• With the myriad of scandals still hitting financial institutions around the world, it is inevitable that regulators place greater focus on the compliance culture of financial institutions. Let us take this episode as yet another reminder of the importance of a strong and positive compliance culture
Regards,
Group Compliance