Three bankers have left Goldman Sachs after the U.S. firm determined they breached internal guidelines in connection with the bank’s advisory role on the planned acquisition of a consumer company in the Middle East, according to people with knowledge of the matter.
Bloomberg News reports that the bankers who departed in December were involved in advising a potential buyer on an investment in fast-food company Kuwait Food Co., which operates KFC restaurants in the Middle East, said the people, who asked not to be identified because the matter is private. Two employees were based in Dubai and another in London, the people said.
Goldman determined that two of the bankers didn’t identify themselves as bank employees at a meeting with the target company attended by other financial services firms, the people said. The third banker was aware that colleagues participated in the meeting, two of the people said, and all three were deemed to not have adhered to the firm’s internal guidelines. Other employees were also disciplined as a result of the incident, the people said.
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