How the Goldman Sachs Board Rebuilt Culture After the 1MDB Scandal

In 2020, Goldman Sachs paid $2.9 billion in penalties for its role in the 1MDB scandal — the largest fine in the bank's history. This episode examines how the board of directors handled the fallout, from ousting CEO Lloyd Blankfein's handpicked successor David Solomon's predecessor to overhauling risk governance. We trace the board's decisions between 2018 and 2022, including the creation of a new Business Standards Committee, the clawback of $174 million in executive compensation, and the structural separation of the investment banking and asset management divisions. Lucas and Luna discuss the tension between preserving Goldman's aggressive revenue culture and satisfying regulators, and what other boards can learn about crisis governance that goes beyond a single scandal. #GoldmanSachs #1MDB #BoardOfDirectors #CorporateGovernance #CrisisManagement #RiskManagement #WallStreet #DavidSolomon #LloydBlankfein #BusinessStandardsCommittee #RegulatoryFines #Clawback #InvestmentBanking #AssetManagement #Business #Finance #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo