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Singapore was the last to join the 9-hour frenzy with its own fine of $122 million against Goldman Sachs Singapore Pte (GSSP) in a joint effort that locally included the Attorney-General’s Chambers, Singapore (AGC), Commercial Affairs Department, Singapore Police Force (CAD) and the Monetary Authority of Singapore (MAS).

In addition to the fine, GSSP has also received a 36-month warning by the CAD, in lieu of prosecution, as well as an order by the MAS to appoint an independent external party to conduct a review of its remedial measures, according to its statement.

Internal Moves

Although the bank just posted a stellar third quarter which included record earnings per share, the regulatory downturn is already leading to measures being taken internally. The bank will cut the pay of current and former chiefs, David Solomon and Lloyd Blankfein, respectively, alongside other top executives to the tune of $174 million, according to a statement.

«When a colleague knowingly violates a firm policy or, much worse, the law, we — as a firm — have to accept responsibility and recognize the broader failure that individual behavior represents for our firm,» Solomon said.

«It goes with the responsibility of leadership to accept some consequences for things that go wrong on your watch,” added Blankfein, who retired in 2018.