Goldman Suspends 4 Senior Tech Specialists After Trading Glitch

First time accepted submitter sbjornda writes "A glitch in an internal system led to erroneous trades on some funds whose listings begin with the letters H through L. Goldman Sachs has put four Senior Technology Specialists on administrative leave as a result. From the article: 'The system, called a "trading axis," monitors the Wall Street bank's inventory to determine whether it should be a more aggressive buyer or seller in the market. But a technical error misinterpreted non-binding indications of interest, or IOIs, as firm bids and offers, leading to some trades that were vastly out of line with where market prices were, Reuters reported previously, citing a source familiar with the matter.'"

Comments

Quick Catch - No Peer Review

[tiberus]

I'm surprised to hear new about 'suspects (my word)' so soon after the glitch occurred. It makes me wonder how a company, with the technical expertise to find the supposed root cause of the problem in a recent software update so quickly, failed to catch the error prior to the software being installed ?!?

why are we calling it this?

[nimbius]

Administrative leave is a temporary leave from a job assignment, with pay and benefits intact. Generally, the term is reserved for employees of non-business institutions such as schools, police, and hospitals.

this is an investment firm, with at-will employment. While im certain the glitch was of great concern to "investor confidence" this just feels like an absurd move to stifle any possibility of a negative market reaction, imaginary or concrete. If i were the IT guy being awarded this transition in employment, it would be difficult not to offer an ultimatum. That if, as its implied by the administrative leave, you in fact value me so much as a team member and employee, perhaps you should judge me by my past works and not by your board of directors insipid demand for job reassignment routinely applied to a police officer after she kills a suspect.
id also be more inclined to check across the street and see if any other investment firms might care to hire a coder.