Goldman boss said severely reprimanded junior employee

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Bosses at Goldman Sachs castigated a junior employee for questioning a trade the bank conducted on behalf of Libya’s sovereign wealth fund, warning him that it was not his business to get involved.

The Daily Telegraph reports that according to documents seen by The Telegraph, Youssef Kabbaj, the senior Goldman banker who led the bank’s relationship with the Libyan Investment Authority (LIA) during the Gaddafi years, told the employee: “This is very serious… Do not ever call [the] LIA without me… to discuss transactions”.

The banker, who had enjoyed a relationship with the Libyans, was sharply reprimanded after relaying LIA concerns about a foreign exchange trade, referring to it as “scary”. Kabbaj, the head of Goldman’s North Africa office at the time, told the individual: “Do not speak with my clients without me on the line… Especially this one as you don’t know all the background.”

The revelation comes ahead of the latest episode in the legal battle between Goldman and the LIA over claims the bank hoodwinked officials at the $60bn fund into agreeing to transactions they did not understand.

To access the complete Daily Telegraph article hit the link below:

Goldman Sachs told banker who raised Libya concerns: Don't get involved

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