NEW YORK (TheStreet) -- Goldman Sachs Group (GS) - Get Report shares are declining by 0.25% to $190.84 in early afternoon trading on Thursday, as the company is being fined $50 million by the New York Department of Financial Services, the Wall Street Journal reports.
This comes after one of the company's employees, named Rohit Bansal, stole and shared confidential supervisory information from the Federal Reserve Bank of New York.
As a result, the banking regulator ordered Goldman Sachs to suspend consulting activities for three years. Goldman Sachs accepted this enforcement action and has agreed to pay the settlement fine, the Journal stated.
Insight from TheStreet's Research Team:
TheStreet's Chris Versace and Bob Lang have identified Goldman Sachs as the TrifectaStocks.com "Chart of the Day." Here is what Versace and Lang had to say about the stock's chart:
Moans and groans followed Goldman Sachs' (GS:NYSE) earnings miss on Oct. 15. The stock fell sharply with great fanfare, but has since rebounded quietly to challenge the levels preceding the August drop.
The downtrend line has been broken and Wednesday's rally was on very strong turnover. Volume has been solid since the earnings report, which tells us to let the story play out rather than make a snap judgment on earnings. The slope on the Relative Strength Index is steep as price action continues to impress. Two gaps ahead (arrows) are likely to be filled soon.
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