Investment Banking

Goldman Sachs to pay $5.5m to settle charges over pandemic-era audio records

The failures to comply with record-keeping rules for swap dealers relate to the investment banks’ staff communications during the Covid-19 pandemic

Problems with its vendor system led to Goldman's failure to retain records of thousands of calls
Problems with its vendor system led to Goldman's failure to retain records of thousands of calls Photo: Getty Images

Goldman Sachs is to pay a $5.5m penalty from the US Commodity Futures Trading Commission over charges related to its failure to properly record and retain audio files of trading communications.

The failures to comply with record-keeping rules for swap dealers relate to the investment banks’ staff communications during the Covid-19 pandemic, when many were forced to work remotely, triggering an uptick in violations and debate around workplace compliance.

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