Goldman Sachs fired about 20 analysts globally in offices including New York and London for cheating on internal tests, sources familiar with the matter have revealed.
"This conduct was not just a clear violation of the rules, but completely inconsistent with the values we foster at the firm," Goldman spokesman Sebastian Howell told CNN.
Though the banking group failed to reveal how the cheating was exposed or precisely what subject they were cheating on, the firm disclosed that the cheating was solely confined to internal tests, rather than regulatory exams.
The analysts who have been fired all worked in the investment bank's securities division, reported Bloomberg. They have either already been dismissed or are in the process of leaving the bank.
The term "analysts" refers to entry-level employees aspiring to be full-blown Goldman bankers. Before becoming bankers, they need to prove that they know and comply with regulatory rules or are up to speed on their knowledge of finance.
The cheating scandal comes a day after Goldman delivered earnings that fell below expectations. The decline was recorded at 16 percent of the group's third-quarter compensation expenses, otherwise known as a bonus pool, according to MarketWatch.
Goldman also suffered a 33 percent loss of trading revenue last quarter amid turmoil in global financial markets, a larger decline than what was experienced at rival firms that are less reliant on trading.
