The European Central Bank said on Monday it had fined Goldman Sachs' European unit 6.63 million euros ($7.3 million) for underreporting the risk associated with some corporate credit, thereby flattering its balance sheet.
A screen displays the trading information for Goldman Sachs on the floor of the New York Stock Exchange in New York City, U.S., October 17, 2022. REUTERS/Brendan McDermid/European unit 6.63 million euros for underreporting the risk associated with some corporate credit, thereby flattering its balance sheet.
The ECB, the euro zone's top banking supervisor, said Goldman Sachs Bank Europe misclassified some corporate exposures for eight straight quarters in 2019-21, assigning a lower risk to them than the rules prescribe. "The bank reported wrongly calculated figures to the ECB, therefore preventing the ECB from having a comprehensive view of its risk profile," it added in a statement.
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