Goldman Sachs has become the latest US bank to hire a consultant on independent research in accordance with the terms of the $1.4bn (€1.2bn) conflict of interest settlement agreed with US regulators.

Henry Frantzen, formerly a fund manager, has been brought out of retirement by the US bank to procure independent research over the next five years from three external firms. Under the terms of the settlement, the independent houses must have no investment banking or broking operations and should not have had any financial relationship with Goldman for the last three years.