Goldman Sachs: Nearly $3 Billion To Settle Charges

Goldman Sachs: Nearly $3 Billion To Settle Charges

Goldman Sachs on Thursday reached a massive settlement with US authorities regarding a years-long financial scandal in Malaysia.

The federal investigation involved the bank's work with Malaysia's 1MDB fund, and found bribes by Goldman executives in their underwriting of $6.5 billion in bond offerings.

In a statement, CEO David Solomon admitted the bank's wrongdoing and said it had improved internal risk controls to prevent another incident.