A legal battle between Goldman Sachs and the Libyan sovereign wealth fund could have more permanent repercussions for the banking industry, experts have told CNBC.
It's not all bad news.
The departures are important for the firm as they represent the exit of two leaders from one of the bank's most highly functioning units.
The Libyan Investment Authority said Goldman Sachs made about $350m on derivatives trades that it described as 'worthless.'
US regulators have allegedly received evidence that traders at the most well known banks have profited via nefarious means.
Benchmarks underpinning markets from oil to currencies face tougher oversight under plans by global regulators to prevent any repeat of Libor-style fraud.
Nomura filed a claim in London against Banca Monte Paschi di Siena SpA the same day Italy’s third-biggest bank lodged a suit against it in an Italian court in a dispute about derivatives.
On a good day, 27-year-old Bobby Timberlake at CME Group in Chicago rounds up $2.5bn from the world’s biggest traders and banks such as JPMorgan Chase to cover their losses in the $639 trillion derivatives markets.