According to court documents, former Goldman Sachs employees paid bribes and kickbacks to foreign leaders to secure $6 billion in bond underwriting deals for Goldman that generated $600 million in fees.
During his 17 years at Goldman, Mr. Katzman earned a reputation as a talented investment banker and a stickler for following rules. Friends and former colleagues, some of whom described him as a “boy scout,” said he viewed ethical issues in black-and-white terms.
The change comes at a turning point for Goldman Sachs, which is trying to generate another $5 billion in annual revenue by growing its fledgling consumer bank, squeezing more from businesses like asset management and changing the way it approaches trading.
It was alleged that the private sector bank had violated LODR (Listing Obligation and Disclosure Requirement) norms, while Goldman Sachs did not comply with the merchant banker regulations in the matter of Yes Bank.