The employees, who were part of a two-year Goldman program for young employees, consisted of traders and bankers in the securities department in New York, London and other cities, the person said.
Employees who succeed in the two-year junior level posting are often hired to permanent posts at Goldman, considered a plum assignment on Wall Street.
A Goldman Sachs spokesman confirmed the dismissals, but declined to elaborate on the details of the cheating.
"This conduct was not just a clear violation of the rules, but completely inconsistent with the values we foster at the firm," said a Goldman spokesman.