A bunch of junior Goldman Sachs bankers got fired for cheating on internal exams

A handful of Goldman Sachs analysts have seen their careers at investment banking giant cut short.

Bloomberg News’ Sophia Horta E Costa and Ruth David report that Goldman has fired about 20 analysts in both London and New York for cheating on internal tests.

The dismissals were in the firm’s Securities Division, according to the report.

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.

Landing an analyst role at Goldman is extremely difficult.

Last year, Goldman CEO Lloyd Blankfein wrote 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.

If you know more about the exam or the firings, please feel free to send an email to [email protected] We will be discreet.

NOW WATCH: 6 shortcuts in Excel that will save you a ton of time

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.