Federal Reserve fines Goldman Sachs $36.3m

Goldman Sachs has agreed to pay $36.3m (€32.5m) over allegations that former employees obtained confidential documents from the Federal Reserve in a settlement that requires the bank to beef up its policies to prevent another lapse.

The Fed is also pursuing a $337,500 fine and a permanent banking ban against a former Goldman Sachs managing director, Joseph Jiampietro, over his unauthorised use and disclosure of Fed secrets.

Starting in 2012, Mr Jiampietro, an investment banker who formerly worked at the Federal Deposit Insurance, received bank regulators’ unauthorised supervisory information and used it for his work at Goldman Sachs, the Fed said.