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Goldman Sachs: board reaction after 1MDB scandal

( - Following the 1MDB scandal, linked to the inappropriate use of the Malaysian sovereign wealth fund, the board of directors of Goldman Sachs Bank announces that it has taken measures to adjust certain remunerations of current and former members of senior management.

Indeed, the Board views the 1MDB matter " as an institutional failure, inconsistent with the high expectations it has for the Firm," and has taken action against three of its former employees.

In recognition of the firm's institutional failures, the Board is also seeking to recover the amount of bonuses granted to five of the bank's former senior executives.

"In addition, we think it is appropriate that the current executive leadership team, the Chief Executive Officer, the Chief Operating Officer and the Chief Financial Officer, as well as the current CEO of Goldman Sachs International, have their overall compensation reduced by $31 million for 2020," the board added.

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