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Goldman fires staff for leaking confidential N.Y. Fed information

November 20, 2014

Goldman Sachs Group Inc. signage.Goldman Sachs Group Inc. signage.

Goldman Sachs (GS) has fired two staff members after a junior employee passed confidential information from the Federal Reserve Bank of New York, his former employer, to a senior colleague in the investment bank.

Goldman said the incident on Sept. 26 was immediately reported to its compliance team, regulators and the New York Fed and an internal investigation was launched into the junior employee’s actions.

“That employee and a more senior employee who failed to escalate the issue were terminated shortly thereafter,” Goldman said in a statement issued after the New York Times reported the incident.

Goldman added that it was reviewing its policies regarding hiring staff from governmental institutions to ensure that they were effective and robust.