Goldman Sachs Group Inc. is firing about 20 junior employees for cheating on internal training tests, according to a person familiar with the matter. From Yahoo Finance:
This is how the Goldman Sachs analysts who got fired were cheatingGoldman Sachs on Thursday fired 20 New York- and London-based analysts in the Securities Division for cheating on a test they took over the summer during training.
The firings, which came the same day the bank reported disappointing third-quarter earnings results, had everyone talking at the end of last week.
They captured the imagination. The premier global investment bank had caught some of the brightest young minds on Wall Street cheating.They also come at a time when there is a focus on behavior in finance and the treatment of the most junior bankers on Wall Street. The Big Five banks have also reported a broadly underwhelming set of third-quarter earnings, with Goldman Sachs among the banks to miss analysts' expectations.
It turns out the way in which the Goldman Sachs analysts cheated is surprising in its lack of sophistication.
They were caught Googling the terms on an exam using Goldman-issued hardware, according to people familiar with the matter who spoke with Business Insider on condition of anonymity.
Links:
http://finance.yahoo.com/news/goldman-sachs-analys...
http://www.wsj.com/articles/goldman-firing-about-2...