Goldman Sachs fined by FCA and PRA over 1MDB in $2.9bn global resolution

Firm to clawback $174m from executives

Goldman Sachs International (GSI) has been fined £96.6m by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) for risk management failures in connection with 1Malaysia Development Berhad (1MDB).

In a statement, the FCA and PRA said GSI had "failed to assess and manage risk to the standard that was required given the high risk profile of the 1MDB transactions, and failed to assess risk factors on a sufficiently holistic basis", and that GSI had also "failed to address allegations of bribery in 2013 and failed to manage allegations of misconduct in connection with 1MBD in 2015". It also said the firm had failed to record "in sufficient detail the assessment and management of risk associated with the 1MDB bond transactions". Goldman Sachs shareholders demand investigation into 1...