Goldman Sachs fined £6m by ECB for risk reporting failures

Underreporting of credit risk

Goldman Sachs has been fined €6.63m (£5.7m) by the European Central Bank for underreporting corporate credit risk on its balance sheet.

The US financial giant said in a statement it had "closely cooperated with the ECB" and "taken all necessary steps" to resolve the issue, Reuters reported on Monday (16 May). According to the ECB, Goldman Sachs Bank Europe made errors in eight consecutive quarters in 2019 to 2021, where it gave a lower risk to some corporate exposures than the rules require. A failure of internal controls meant the bank missed the errors, the ECB said. H2O AM to appeal 'disproportionate' €93m fine by French regulator "The bank reported wrongly calculated figures to the ECB, therefore preventing ...