Goldman Sachs has taken action by terminating multiple high-ranking employees within its transaction banking division due to unauthorized business discussions, according to an internal memo reported by Reuters.
These terminations reflect a broader initiative across Wall Street to curb the utilization of unofficial communication channels, including messaging platforms like WhatsApp. In compliance with federal recordkeeping regulations, financial institutions are obligated to retain all electronic exchanges related to business activities.
It is noteworthy that Goldman Sachs, along with more than a dozen other institutions, faced hefty fines exceeding $100 million last year for failing to meet these recordkeeping obligations.
The attorneys at Outside Legal Counsel can help ensure that employers are in compliance with the law by drafting policies and procedures that can avoid fines and penalties. Reach out to us to schedule a consultation.
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