| Happy Friday! The second shoe has finally dropped for Goldman regarding its involvement in Malaysia's 1MDB fund. On Thursday, the bank reached an agreement with US authorities to pay out nearly $3 billion. This comes a few months after Goldman agreed to a $3.9 billion settlement with Malaysia. One interesting tidbit from the news. Goldman Sachs' CEO, COO, and CFO, along with Goldman Sachs International's CEO, will have their overall compensation reduced by $31 million for 2020. That's in addition to $76 million the bank is clawing back from former employees implicated in the incident. According to the Justice Department, Goldman earned $600 million in fees from its work with 1MDB. If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals. Tune in on Tuesday, October 27 at 12:00 pm ET for a virtual event sponsored by Salesforce, looking at how Professional Services firms are navigating and driving growth during the COVID-19 era. Register here. Like the newsletter? Hate the newsletter? Feel free to drop me a line at ddefrancesco@businessinsider.com or on Twitter @DanDeFrancesco.
Professional services, like many other industries, has faced some downturns in its business this year. However, one bright spot for EY and Deloitte has been their work with state governments. Samantha Stokes has a nice breakdown of the work by the two tax and audit firms to help states in their response to the pandemic. In short, the two firms earned at least 10 contracts with four states, amounting to $63.2 million in fees. Oh, and all of it was won without a bidding process. Click here to read the entire story.
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