Yesterday news broke that Kevin Connors, the co-head of Goldman’s foreign exchange, left the bank abruptly last week because of a “breach of internal compliance.”But beyond those details, mystery shrouded the departure.
Now a new detail has emerged, and is as close as we can get to a reason for Connor’s sacking at this point.
A person familiar with the situatio told NetNet at CNBC that Connors was fired for “holding outside investments that he hadn’t disclosed to the firm,” and holding those investments violated the bank’s policy.
We don’t know what those investments are yet, and NetNet hasn’t been able to confirm this story with additional sources.
If that is why he was sacked, its a slightly different and more aggressive form of bad behaviour than the reason he got in trouble when he was working for Warburg back in 1998.
Back then, he registered two website sites – the names of which fuelled speculation that UBS would sell its investment bank, Warburg Dillon Read, which it had just bought. It was more “stupid” than illegal, but it proves Connors has made grand mistakes working for banks before.
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