Goldman Sachs fires 20 junior bankers for cheating

US investment bank Goldman Sachs has fired about 20 young recruits for cheating on employee training exams, a person familiar with the matter said today.
The employees, who were part of a two-year Goldman program for young employees, consisted of traders and bankers in the securities department in New York, London and other cities, the person said.
Employees who succeed in the two-year junior level posting are often hired to permanent posts at Goldman, considered a plum assignment on Wall Street.
A Goldman Sachs spokesman confirmed the dismissals, but declined to elaborate on the details of the cheating.
"This conduct was not just a clear violation of the rules, but completely inconsistent with the values we foster at the firm," said a Goldman spokesman.

Goldman Sachs last year hired just three percent of 267,000 applicants, according to Bloomberg News.