Goldman Sachs took decisive action and terminated several executives in its transaction banking unit due to violations of the firm’s communications policy, as revealed in a memo obtained by Reuters. Although the memo refrained from disclosing the names of the individuals involved, it did announce that Philip Berlinski, the bank’s treasurer, would assume day-to-day responsibilities for transaction banking alongside Akila Raman and Luc Teboul. Additionally, Berlinski is currently leading Goldman’s financial technology and consumer business on a temporary basis. Notably, Hari Moorthy, the former head of transaction banking, was among those who departed, as he is no longer listed as a registered broker on FINRA’s website. Despite attempts to reach out to Moorthy for comment, he did not respond. In response to inquiries, Goldman Sachs declined to provide further details, emphasizing the company’s dedication to upholding its communications policy. The memo also stated that the personnel breached the firm’s communications policy by failing to communicate about firm-related matters through authorized communication channels. This report was initially released by Reuters. It is worth noting that the terminated executives also failed to cooperate with Goldman Sachs’ compliance department. Despite these setbacks, the bank remains fully committed to its transaction banking business. US regulators have recently imposed substantial fines, amounting to over $2 billion collectively, on numerous Wall Street firms due to their failure to monitor employees’ use of unofficial communication platforms like text messages and WhatsApp. Goldman Sachs was one of the first major banks to face severe penalties for their lack of recordkeeping in this regard.
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