Goldman Sachs has been dealt another blow. A few weeks after a former executive lambasted the culture of greed and corruption at the investment bank, US regulators have slapped a $22m (£13.8m) fine on the company over alleged unfair tip-offs.
The Securities and Exchange Commission (SEC) voiced concerns over weekly ‘huddles’ between the bank’s analysts and traders over the five years to 2011. In these discussions, advice was given on short-term trading tips and traders would give their views on the markets. Regulators were concerned the bank didn’t have enough controls in place to stop leaks, and some its top clients could have been tipped off about stock.