Goldman Sachs Is Concerned Its Trade Secrets Walked Out the Door
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The New York Federal Reserve’s lead supervisor of Goldman Sachs Group Inc. has quit for a job advising other financial firms, triggering concerns within the Wall Street bank that some of its business secrets might not stay so secret.
After learning last month that the examiner, Lance Auer, was joining the financial services practice of PwC, Goldman Sachs asked the firm whether he faced any restrictions on working for other banks, said two people familiar with the discussion. Auer, Goldman Sachs pointed out, had gleaned insights into operations and risk-management strategies that could be useful to competitors, the people said.