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24 October 2019
INVESTMENT

Goldman Sachs ousts senior Middle East banker over compliance breach

Martin Weber who has been with the bank for about 20 years, ran the financing division in the Middle East and North Africa.

GOLDMAN SACHS/BLOOMBERG


Goldman Sachs Group dismissed a senior banker in the Middle East over compliance violations, adding to the US bank’s woes in the region, reported Bloomberg.

Weber relocated to Dubai last year to take on the role and reported to regional management, as well as executives in London.

The decision to terminate Weber’s contract came after the firm concluded in an internal review that actions tied to due diligence were unacceptable for someone of his seniority.

Goldman Sachs’ Middle East banking operations have already faced other unrelated challenges in recent times. They are dealing with a fallout from the 1MDB corruption scandal, which marked its abrupt downfall in Abu Dhabi, once one of its most lucrative regional markets.

Additionally, investors have also been probing the firm’s role in a controversial deal involving state-backed carrier Etihad Airways. After missing out on at least $25 billion in deals in the emirate, the bank has been making a push into Saudi Arabia.

Separately, the firm’s Regional Investment-Banking Head Hazem Shawki left earlier this year to join rival Credit Suisse Group.

It’s not the first time Goldman Sachs has faced guidelines breaches in the Middle East. In 2016, three bankers left after the bank determined they violated guidelines when it was advising a potential buyer on an investment in fast-food company Kuwait Food Company, which operates KFC restaurants in the region.


RELATED STORIES: GOLDMAN SACHS COMPLIANCE 1MDB ETIHAD AIRWAYS KUWAIT FOOD COMPANY


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