The Wall Street Journal reported that the United States Securities and Exchange Commission is investigating the asset management division of Goldman Sachs Group Inc.
Citing people familiar with the matter, The Wall Street Journal reports that the asset management division is being questioned about its funds seeking to invest based on environmental, social and governance (ESG) standards.
Goldman Sachs, which manages at least four funds that have clean energy or ESG in their names, is an American multinational investment bank and financial services company headquartered in New York.
The investigation comes after the SEC proposed a pair of rule changes aimed at stamping out unfounded claims by funds about their ESG credentials.
Goldman suffered a sharp decline in revenue from asset management and equity and debt underwriting, offset by strong activity in some trading divisions amid volatile markets.
According to the company’s chief executive, David Solomon, the results also included a $300 million hit from Russia.
Solomon described Goldman’s exposure to the dispute as “relatively limited”, saying the bank has been focused on reducing exposure.
Goldman’s reputation was stained when a New York jury convicted its former chief executive Roger Ng of his role in spreading a massive corruption and money laundering scheme involving a Malaysian-owned investment fund. in the state.
(With agency contributions)
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