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Greg Smith, executive director at Goldman Sachs, has written an open letter to The New York Times saying he will resign Wednesday and that the investment bank has become "toxic."
Goldman Sachs said it disagreed with the views expressed, "which we don't think reflect the way we run our business."
Smith calls bank’s environment "as toxic and destructive as I have ever seen it" and takes aim at its leadership.
The New York Times describes Smith as head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa. It says he is resigning Wednesday.
Smith's letter says he has been with the firm almost 12 years, long enough to understand the "trajectory of its culture."
He says the firm has changed the way it has thought about leadership and is now focused on money rather than helping the client. "When the history books are written about Goldman Sachs, they may reflect that the current chief executive officer, Lloyd C. Blankfein, and the president, Gary D. Cohn, lost hold of the firm’s culture on their watch," the letter says.
Smith also says: "It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as ‘muppets,’ sometimes over internal e-mail."
Modern day Caesars, sometimes known as chief executives, should beware the Ides of March.
In the past week at least half a dozen senior public company executives have either voluntarily decided to hand in the keys to the executive washroom, or been nudged out of the building by their boards.
In most cases the departures have followed close on the heels of the companies reporting poor December half year results.
"It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as ‘muppets,’ sometimes over internal e-mail."
By now, many of you have read the submission in today's New York Times by a former employee of the firm. Needless to say, we were disappointed to read the assertions made by this individual that do not reflect our values, our culture and how the vast majority of people at Goldman Sachs think about the firm and the work it does on behalf of our clients.
Our firm has had its share of challenges during and after the financial crisis, but your pride in Goldman Sachs is clear. You've not only told us, you have told external surveys.
Just two weeks ago, Goldman Sachs was named one of the best places to work in the United Kingdom, where this employee resides. The firm was the highest placed financial services company for the third consecutive year and was the only one in its peer group to make the top 25.
We are far from perfect, but where the firm has seen a problem, we've responded to it seriously and substantively. And we have demonstrated that fact.
It is unfortunate that all of you who worked so hard through a difficult environment over the last few years now have to respond to this. But, our response is best demonstrated in how we really work with and help our clients through our commitment to their long-term interests. That priority has distinguished us in the past, through the financial crisis and today.
Originally posted by koder
On a side note, anyone else notice that the gold market tanked the second it opened today...its already down 50.... and DJI just keeps going up...something smells afoul...
not 5 mins after i said this, fox business brought out his resignation and downplayed it to liek a 20 second piece...as if its not a HUGE deal..edit on 14-3-2012 by koder because: (no reason given)edit on 14-3-2012 by koder because: (no reason given)