Here is how those Goldman Sachs traders got busted for cheating
The bank fired around 20 London and New York-based junior securities division staff after they were found to have cheated on internal tests.
The tests in question were taken in New York, according to people familiar with the matter.
Analysts from London were in town for training and the group took a series of three tests together, according to the people.
It was then that the cheating was uncovered.
Goldman Sachs had previously warned analysts repeatedly that cheating on the tests would be not tolerated, according to the people.
Bloomberg first reported the sackings.
Sebastian Howell, a Goldman Sachs spokesman in London, said in a statement: "This conduct was not just a clear violation of the rules, but completely inconsistent with the values we foster at the firm."
When analysts begin their career at Goldman, they have to enter the Goldman Sachs University training and orientation program. There, they have training across various areas and topics. They have to take tests to make sure they're learning what they're being taught.
Landing an analyst role at Goldman is extremely difficult.
Last year, Goldman CEO Lloyd Blankfein set out in a shareholder letter just how competitive it is to get an analyst position at Goldman.
For that analyst class, the investment-banking giant had more than 43,000 candidates apply for 1,900 analyst positions. The bank accepted 4% of them, making it harder to get a job at Goldman than to be accepted to Harvard.