Goldman Sachs fires leading trader for breaking internal rules, newspaper reports

12 November 2010

Goldman Sachs has dismissed a leading trader for not following the bank’s internal compliance rules, a newspaper report has claimed.

Alexandre Harfouche, co-head of European equity syndicate, was fired for failing to make disclosures to the firm's compliance division, according to the Financial Times, which cited unnamed persons familiar with the matter as sources.

The now former-employee’s actions are not thought to have impacted the investment bank’s client-base.

A spokesman for the bank told the newsprovider: “Mr Harfouche no longer works for the firm and I have no idea what his plans are.”

The ex-employee was only appointed to joint-managing director of the division during last year while his role involved advising clients on making large investments in publicly floated firms.

His status on listings by the Financial Services Authority is ranked as “inactive”, which the FT suggested implies he is yet to find a new position following the dismissal.

News of Mr Harfouche’s departure could be seen as another blow to the reputation of Goldman Sachs.

The bank agreed to pay $550 million to the Securities and Exchange Commission (SEC) as a settlement following accusations that it deliberately misled investors over an investment product related to subprime mortgages.

By Jim Ottewill

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