Goldman Sachs has fired about 20 analysts for cheating on internal tests.
The analysts were working inside Goldman’s securities business in a number of offices, including New York and London.
“This conduct was not just a clear violation of the rules, but completely inconsistent with the values we foster at the firm,” Goldman spokesman Sebastian Howell told CNNMoney.
The cheating took place on internal tests, not regulatory exams. Goldman declined to say how the cheating was discovered nor specifically what the analysts were being tested on.
Some of the analysts have been dismissed, while others are in the process of leaving the firm.
The cheating scandal emerged just a day after Goldman disclosed a 16% decline in third-quarter compensation expenses, also known as its bonus pool. Goldman slashed pay at a time when it is hiring — its total headcount increased by 10%.
Goldman suffered a 33% plunge in trading revenue last quarter amid turmoil in global financial markets. That was a bigger decline than what was experienced at rival firms that are less reliant on trading.