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Dozens Of British And American Junior Bankers At Goldman Sachs And Jpmorgan Laid Off For Cheating On Basic Math Test

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http://www.dailymail.co.uk/news/article-3285807/Dozens-junior-bankers-Goldman-Sachs-JPMorgan-laid-CHEATING-basic-math-test.html

  • At least 20 Goldman Sachs graduates have been fired for cheating
  • Last month, at least 10 were sacked at JPMorgan for the same reason
  • Both banks found their elite graduates cheated on basic math test
  • Staff claim cheating is common as graduates face immense pressure
  • The small crop of trainees are selected out of thousands from top schools

Goldman Sachs and JPMorgan Chase & Co have sacked dozens of analysts in their New York office after discovering they cheated to pass basic math exams.

At least 20 employees were fired from Goldman's two-year graduate program for young traders and bankers in New York and London this week.

It comes weeks after 10 or more entry-level bankers at JPMorgan's investment office in New York were laid off for the same reason, sources familiar with the incident told Bloomberg News.

Both banks found their elite graduates, selected from the best universities in the world through an intensely competitive application process, had smuggled in notes or copied colleagues' answers.

The internal accounting tests consist of basic maths problems, economic conundrums and accounting tasks.

Astonishingly, JPMorgan staff told the Daily Telegraph cheating of this nature is common as the elite graduates face immense pressure to excel.

The majority of JPMorgan's disgraced staff in New York were graduate trainees from Britain - who were told to pay for their own flights home, according to the Telegraph.

Employees who succeed in the two-year junior level posting at Goldman are often hired to permanent posts, 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.

So these banks cheat all the time in the market, the Giant Squid rips off its own clients http://www.forbes.com/sites/halahtouryalai/2012/03/14/the-real-problem-at-goldman-sachs-you-the-muppet-client/but if you cheat in its internal tests you get fired. The wonder of irony.

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http://www.dailymail.co.uk/news/article-3285807/Dozens-junior-bankers-Goldman-Sachs-JPMorgan-laid-CHEATING-basic-math-test.html

So these banks cheat all the time in the market, the Giant Squid rips off its own clients http://www.forbes.com/sites/halahtouryalai/2012/03/14/the-real-problem-at-goldman-sachs-you-the-muppet-client/but if you cheat in its internal tests you get fired. The wonder of irony.

you misunderstand...cheating is de rigour, getting caught.....thats another issue.

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http://www.dailymail.co.uk/news/article-3285807/Dozens-junior-bankers-Goldman-Sachs-JPMorgan-laid-CHEATING-basic-math-test.html

So these banks cheat all the time in the market, the Giant Squid rips off its own clients http://www.forbes.com/sites/halahtouryalai/2012/03/14/the-real-problem-at-goldman-sachs-you-the-muppet-client/but if you cheat in its internal tests you get fired. The wonder of irony.

you misunderstand...cheating is de rigour, getting caught.....thats another issue.

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These people who cheat display a shocking lack of personal integrity and a willingness to game the system. Not taking these people on is a big mistake for Goldman's- where else are they going to find talent like this?

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Employer has racked up masses of fines and other punishments for cheating in its business (libor, fx etc etc)

Then expresses surprise that staff are cheats?

Maybe they were just following the example they had been set

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http://www.dailymail.co.uk/news/article-3285807/Dozens-junior-bankers-Goldman-Sachs-JPMorgan-laid-CHEATING-basic-math-test.html

So these banks cheat all the time in the market, the Giant Squid rips off its own clients http://www.forbes.com/sites/halahtouryalai/2012/03/14/the-real-problem-at-goldman-sachs-you-the-muppet-client/but if you cheat in its internal tests you get fired. The wonder of irony.

Also, it makes you wonder how many of their 'elite' graduates have managed to become 'elite' through similar means.

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'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.

:lol::lol::lol:

Spokesman Sap probaby believes that as well.

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Got to hand it to them .. that is a very legally safe way of getting rid of the new recruits and doing it so cheaply it will flatter this quarters net profitability by reducing bonus and payouts. Now that's how to do maths!

Edited by Kinky John

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These people who cheat display a shocking lack of personal integrity and a willingness to game the system. Not taking these people on is a big mistake for Goldman's- where else are they going to find talent like this?

They made the mistake of cheating against their employer. Had they been in the mafia they would have ended up found in waste land with a bullet through the head.

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Bypass the graduate system and test each new potential employee on their honesty, integrity, math ability and any other qualities that may be required.....good A level students all that is required.......then teach them the rest, mould them into the type of employees you want them to be....not dishonest or greedy.

Edited by winkie

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They were sacked because they got caught cheating in a basic maths test.

If they can't even avoid getting caught doing that then what use are they in a company that cheats as its business model?

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Got to hand it to them .. that is a very legally safe way of getting rid of the new recruits and doing it so cheaply it will flatter this quarters net profitability by reducing bonus and payouts. Now that's how to do maths!

I agree, they just realised they do not need many grads this year as the US recession is already here. Get them out on the cheap, nice and easy.

Edited by bankstersparadise

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