Fires employees accused of test cheating

By Liz Moyer via nytimes.com   Article

Goldman Sachs Fires 20 Junior Employees Accused of Test Cheating

“Landing a job as an analyst at Goldman Sachs is a golden ticket for a newcomer to Wall Street. Now 20 of those who pulled off that feat are being dismissed for cheating on an employee test, the firm says.

The 20 worked in the firm’s securities division, which houses its trading operations, in New York and in London, a person briefed on the matter said.

‘This conduct was not just a clear violation of the rules, but completely inconsistent with the values we foster at the firm,’ a Goldman spokesman, Michael DuVally, said in an emailed statement.

Like other investment banks, Goldman recruits annually from university and graduate school campuses, offering around 1,800 to 2,000 graduates spots in its analyst class, which is the entry-level position for those dreaming of moving up the corporate ranks. Tens of thousands of applicants compete for the slots, with only about 3 to 4 percent accepted into the program in any given year.

… like other investment banks, Goldman likes to test its employees from time to time on their command of material related to their work or to compliance or other regulatory matters.

The spokesman wouldn’t elaborate on what kind of test was being administered in this case or how the firm discovered the cheating, which was reported earlier by Bloomberg News.

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