Goldman says its overseas hiring practices being investigated

Reuters
Traders work on the floor of the New York Stock Exchange near the Goldman Sachs stall
.

View photo

Traders work on the floor of the New York Stock Exchange near the Goldman Sachs stall July 16, 2010. …

(Reuters) - Goldman Sachs Group Inc disclosed on Friday that it was being investigated over its hiring practices outside the United States.

The Wall Street Journal reported earlier this week that the U.S. Securities and Exchange Commission had expanded its probe into the hiring practices of at least five U.S. and European banks in Asia, including Goldman.

The SEC is examining whether the banks or their employees violated anti-bribery laws by hiring relatives of well-connected officials, the WSJ reported.

Goldman, in a quarterly filing on Friday, did not provide any details of the investigation into whether it was in compliance with the U.S. Foreign Corrupt Practices Act.

Goldman also said it was a defendant in a class-action lawsuit related to high frequency trading, filed in the U.S. District Court for the Southern District of New York on April 18. (http://link.reuters.com/pav29v)

(Reporting by Avik Das in Bangalore; Editing by Saumyadeb Chakrabarty)

View Comments (1)