"Severe Breach": Goldman Sachs Fined $7.2 Million For Misreporting Capital Needs

Goldman Sachs Bank Europe was found to have "breached credit risk reporting rules" in 2019, 2020 and 2021, the ECB said in a statement.

The European Central Bank (ECB) has fined US financial giant Goldman Sachs 6.63 million euros ($7.2 million) for misreporting its capital needs, it said on Monday.

Goldman Sachs Bank Europe was found to have "breached credit risk reporting rules" in 2019, 2020 and 2021, the ECB said in a statement.

"For eight consecutive quarters, the bank reported lower risk-weighted assets for credit risk than it should have done," it said.

In particular, Goldman Sachs "misclassified corporate exposures", the Frankfurt-based institution said.