Goldman Sachs (NYSE:GS) has now fired several executives in the banking unit after violating the bank’s communications policy.
“The company did not name the individuals in the memo.
Philip Berlinski, the bank’s treasurer, will take over day-to-day management of transaction banking alongside Akila Raman and Luc Teboul.
Berlinski is also leading Goldman’s financial technology and consumer business on an interim basis,” reports Reuters.
“We are not going to comment on individual disciplinary matters,” the company said in an email.
“We take our communications policy seriously, and we expect all of our personnel to comply with it.”
The individuals violated the firm’s communications policy, which states that employees must communicate about firm-related business on firm-approved communications channels, according to the memo seen by Reuters.
Hari Moorthy, the head of transaction banking, was among one of the people who departed.
The fired executives also failed to cooperate with Goldman Sachs’ compliance department.
The bank remains strongly committed to the transaction banking business, it said.
“U.S. regulators have so far fined dozens of Wall Street firms collectively more than $2 billion for failing to keep tabs on employees’ use of “off-channel” communications including text messages and WhatsApp.
Goldman Sachs was among the first wave of big banks regulators hit with stiff penalties for such recordkeeping failures.”
GS stock is down -0.48% this year-to-date.
Also Read: New Study Shows Nearly 190 Banks on Verge of Collapsing
Other Bank News Today
A US bank is now denying customers access to money according to several reports from users.
Green Dot Bank is now facing fraud allegations from various customers who have been locked out of their account from weeks to months.
Many customers are having difficulty receiving a direct response from the bank’s customer service department, with many claiming to have been given the runaround.
“It been a month and i still haven’t been able to get my money from Walmart green dot. I have ask for a replacement card 4 time haven’t got a card yet my rent is do for last month and this month i think there trying keep my money,” says Marzell Land.
Green Dot bank has been freezing multiple customer accounts resulting in missed bills or the usage of high interest credit cards to get by.
“From Az have not gotten my money since Wednesday I have a family and bills I have to pay. I know when they fixed this problem I’m getting my money and I’m gone like the wind, this is not right .🌋🌋🌋🤬🤬🤬. Just got done going through pandemic now this,” says Bobby Rivera.
What is being done about it? Nothing so far, though many of these reports have been submitted to the Better Business Bureau (BBB).
“My funds are gone. I believe now the bank [Green Dot Bank] is holding it hostage. It’s my SS money and I can’t get it back, they keep extending the date.
I’ll get my new card with my money on it this has been going on since the August 1 and I was in the hospital when I was hacked..I want my money it’s mine not yours green dot,” says Sandra Machuga, who’s reported to FrankNez before.
Also Read: Banks Are Now Closing Thousands of Accounts Daily
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