Goldman Sachs director quits 'morally bankrupt' Wall Street bank [View all]
Source: Guardian
A Goldman Sachs director in London has resigned after publishing a devastating open letter accusing senior staff of being "morally bankrupt" and bent on extracting maximum fees from clients by offloading unsuitable investment products.
Greg Smith, who has left his post as executive director of the firm's equity derivatives business in Europe, claimed that chief executive Lloyd Blankfein and president Gary Cohn have "lost hold of the firm's culture on their watch". He added that "this decline in the firm's moral fibre represents the single most serious threat to its long-run survival"..
Smith's charges, which were swiftly denied by the bank, were published in Wednesday's New York Times.
Smith, who joined Goldman as a summer intern and worked at the firm for 12 years, first in New York and then in London, claimed managing directors repeatedly referred to their clients as "muppets", sometimes over internal email.
Read more: http://www.guardian.co.uk/business/2012/mar/14/goldman-sachs-director-quits-morally-bankrupt
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