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Goldman Sachs partner fired for WhatsApps is big into meditation

Goldman Sachs have let go of their global head of Transaction Banking (TxB) services, Hari Moorthy. Word on the street seems to be that the meditation-loving partner was let go over… Using unregulated communication channels (probably WhatsApp).

Moorthy told American Banker back in 2021 that weekly meditation sessions were a “vital” part of his leadership and building of Goldman’s TxB offering. “The point of it all is to be able to listen to others, and to do that, you have to be able to listen to yourself,” Moorthy told American Banker.

Moorthy joined Goldman in 2018 from JPMorgan – but he had previously spent seven years at the bank before his JPM stint as a Managing Director, technology fellow, and global CTO of global prime services.

He doesn’t appear on either the 2018, 2020, or 2022 Goldman partner lists – indicating that his rejoining the bank came with partner status. Moorthy came back to the bank to begin the building process of building its TxB team, which eventually launched in 2020.

Meditation is a surprisingly big part of Goldman’s otherwise sharkish culture (although that culture seems to be continually lost to the sands of time). Moorthy, who started meditating as a teenager according to American Banker, has likely found good company at the firm since his initial joining in 2007.

Although Goldman haven’t confirmed why exactly Moorthy left, a memo seen by Bloomberg indicated that several leaders in the TxB team had been let go who had “communicated on unauthorized channels”.

Bankers talking on WhatsApp has been a growing headache for bank compliance personnel in recent years. A number of firms have paid huge fines to regulators for using the messaging app (as well as personal email addresses) to communicate with clients – the most memorable being JPMorgan’s eye-watering $200m bill to the SEC.

It’s worth noting that Goldman has already told multiple outlets (the FT and Bloomberg, notably) that it doesn’t comment on individual disciplinary measures, and that the memo seen by Bloomberg doesn’t name Moorthy directly.

Moorthy didn't respond to our invitation to comment.

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AUTHORZeno Toulon
  • Ex
    Ex-GS banker
    24 September 2023

    Yoga/Meditation is spiritually dangerous. It was used by the Nazis during 1930s to assassinate the prime minster, finance minster and a banker in Japan. They hijacked Japan to the war. Watch out Neo-Nazis and do not let history repeat.

  • ph
    23 September 2023

    I spent most of my career in the 'ops' and tech sides of IB, and it wasn't pretty. Corrupt, dishonest, back stabbing, gross incompetence and nepotism were all common. What was rare - good, competent people who played by the rules.

    I didn't know about restricted comms until about 25 years ago, when I started working in and around major trading floors. I'd go into one, past rows of lockers where traders were supposed to lock up any personal electronics like phones or pagers. Internet access was supposed to be limited, but, like the rest of it, not really. The lockers were empty, traders would go to industry shows and sign up for apps without asking anyone. This was when I first heard about how traders 'handled' LIBOR, long before it became a public scandal. I remember how, back then, traders used 'rooms' on Bloomberg to coordinate strategies with their friends at other firms, and for sharing tips on local eateries, 'entertainment', and jobs. All this on the terminals their firms paid a fortune for. At times moving forward, I found myself involved in managing things like B Vault, and how many managers wouldn't cooperate unless forced to. At one position, implementation was ALMOST finished a few years before I got there, then, when no one cared anymore, was dropped. When I asked my new boss about it (turns out he was the one who dropped the ball), he told me to get lost - until internal auditors emailed to ask what the status was. Oops! Suddenly top priority. After, with other such exposures, I got told once again to get lost!

  • Mo
    14 September 2023

    Moving up in the world. He'll now have plenty more time to meditate.

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