Goldman says its overseas hiring practices being investigated

Fri May 9, 2014 8:29am EDT

Traders work on the floor of the New York Stock Exchange near the Goldman Sachs stall July 16, 2010. REUTERS/Brendan McDermid

Traders work on the floor of the New York Stock Exchange near the Goldman Sachs stall July 16, 2010.

Credit: Reuters/Brendan McDermid

(Reuters) - Goldman Sachs Group Inc (GS.N) disclosed on Friday that it was being investigated over its hiring practices outside the United States.

The Wall Street Journal reported earlier this week that the U.S. Securities and Exchange Commission had expanded its probe into the hiring practices of at least five U.S. and European banks in Asia, including Goldman.

The SEC is examining whether the banks or their employees violated anti-bribery laws by hiring relatives of well-connected officials, the WSJ reported.

Goldman, in a quarterly filing on Friday, did not provide any details of the investigation into whether it was in compliance with the U.S. Foreign Corrupt Practices Act.

Goldman also said it was a defendant in a class-action lawsuit related to high frequency trading, filed in the U.S. District Court for the Southern District of New York on April 18. (link.reuters.com/pav29v)

(Reporting by Avik Das in Bangalore; Editing by Saumyadeb Chakrabarty)

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Comments (2)
repp4 wrote:
Just what is needed, more government intervention in private business. But then they can’t seem to do what they are charged with in the domestic arena (lets see Madoff and dozens others) so let’s meddle elsewhere and move the focus off us.
pathetic how ineffective the us government is despite spending all they can on oversight.

May 09, 2014 10:30am EDT  --  Report as abuse
Cicero-CA wrote:
Hum, what about investigating Avenue Capital Group for hiring Chelsea Clinton back in 2006. That seems to qualify as hiring relatives of well-connected officials.

May 09, 2014 12:29pm EDT  --  Report as abuse
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