Goldman Sachs chairman and CEO David Solomon said the investment bank is working hard to put the 1Malaysia Development Berhad scandal behind.
"We are spending a lot of time being reflective and really thinking about how it was that we wound up having somebody we hired at the firm, promoted at the firm, became a partner with the firm and turned out to be a criminal," David Solomon says.
"We are spending a lot of time being reflective and really thinking about how it was that we wound up having somebody we hired at the firm, promoted at the firm, became a partner with the firm and turned out to be a criminal," Solomon said on Monday in an interview with CNBC's"We own that, that's on us ... We are working as diligently as we can to put it behind us and move on and stay focused on our clients and businesses," he added.
Goldman has been going through its worst scandal since the financial crisis as the fund is the subject of corruption and money-laundering investigations in at least six countries. It's always been the bank's defense that 1MDB is result of a few bad employees, rather than something broader about firm or its culture.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. Justice Dept. staff seek Goldman guilty plea in 1MDB settlement: FTA settlement with Goldman Sachs Group Inc over its role in the 1MDB corruption s...
Read more »
Goldman Sachs says dragged-out Brexit is doing deeper damage to UK economyBritain's protracted divorce from the European Union is hurting the world&...
Read more »
Goldman Sachs is not expecting oil to rally despite the US tightening sanctions on IranGoldman Sachs expects the United States' decision to end exemptions from sanctions for countries still buying oil from Iran to have a limited impact on crude prices.
Read more »
Goldman Sachs says dragged-out Brexit is doing deeper damage to UK economyBritain's protracted divorce from the European Union is hurting the world&...
Read more »
Goldman Sachs has a portfolio of strong and safe stocks that's also beating the marketInvestors prefer companies with strong balance sheets rather than those investing for growth, returning cash to shareholders, or paying down debt, Goldman said.
Read more »
Goldman Sachs: Apple's iPhone sales this year will disappoint, causing stock declineGoldman Sachs underscored its lukewarm thesis on Apple and said it believes the company will ship fewer iPhones than Wall Street expects.
Read more »
After years serving CEOs, Goldman's Ayco also wants other workersGoldman Sachs Group Inc is expanding a financial advisory service for top execut...
Read more »
Goldman Sachs just dropped its top commodity recommendations, saying risks were 'misplaced' — here are its new batch of tradesGoldman Sachs dropped all its commodity trade recommendations, and now says: 'Time to go micro.'
Read more »
Goldman and Bank of England to be targeted by climate-Change activistsEnvironmental activists plan protests outside banks including Goldman Sachs, the...
Read more »
U.S. Justice staff seek Goldman guilty plea in 1MDB settlement: FTA U.S. government settlement with Goldman Sachs Group Inc over its role in the 1...
Read more »
Goldman says removal of Iran oil sanctions waivers to have limited impactGoldman Sachs expects the United States' decision to end waivers from sanct...
Read more »