The Jerry Maguire of Goldman Sachs
03-15-2012, 01:53 AM
#1
Карты убийцы
Thread Starter
The Jerry Maguire of Goldman Sachs
Goldman Sachs exec Greg Smith quits, saying environment at firm is 'toxic'
By Patrick Rizzo
In a very public and scathing resignation letter, Goldman Sachs executive director Greg Smith has called the atmosphere at the massive investment bank "as toxic and destructive as I have ever seen it."
"Today is my last day at Goldman Sachs," wrote Smith, who was the head of the firm's U.S. equity derivatives business in Europe, the Middle East and Africa, in an Op-Ed in the New York Times on Wednesday titled "Why I am Leaving Goldman Sachs."
Smith, who is based in London and has been with Goldman for 12 years, went on to describe what he says is a deteriorating culture at Goldman Sachs where clients are called "muppets" and their interests are given short shrift.
"The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for," Smith wrote.
Smith blamed the culture shift on chief executive Lloyd Blankfein and president Gary Cohn. "I truly believe that this decline in the firm’s moral fiber represents the single most serious threat to its long-run survival," Smith wrote.
"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," wrote Smith, who says he went to Stanford University on a full scholarship, was a finalist for a Rhodes Scholarship and won a bronze medal for table tennis at the Maccabiah Games in Israel.
In an emailed statement, Goldman Sachs, said, “We disagree with the views expressed, which we don’t think reflect the way we run our business. In our view, we will only be successful if our clients are successful. This fundamental truth lies at the heart of how we conduct ourselves.”
So far, msnbc.com hasn't been able to track Smith down for a comment, but the Wall Street Journal, quoting a person familiar with the matter, said Smith is a vice president, which is a common title on Wall Street, even among junior staff.
Related story: Goldman Sachs resignation 'letter' an Internet sensation
http://www.nytimes.com/2012/03/14/op...achs.html?_r=1
Banking VP's... one step above teller.
By Patrick Rizzo
In a very public and scathing resignation letter, Goldman Sachs executive director Greg Smith has called the atmosphere at the massive investment bank "as toxic and destructive as I have ever seen it."
"Today is my last day at Goldman Sachs," wrote Smith, who was the head of the firm's U.S. equity derivatives business in Europe, the Middle East and Africa, in an Op-Ed in the New York Times on Wednesday titled "Why I am Leaving Goldman Sachs."
Smith, who is based in London and has been with Goldman for 12 years, went on to describe what he says is a deteriorating culture at Goldman Sachs where clients are called "muppets" and their interests are given short shrift.
"The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for," Smith wrote.
Smith blamed the culture shift on chief executive Lloyd Blankfein and president Gary Cohn. "I truly believe that this decline in the firm’s moral fiber represents the single most serious threat to its long-run survival," Smith wrote.
"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," wrote Smith, who says he went to Stanford University on a full scholarship, was a finalist for a Rhodes Scholarship and won a bronze medal for table tennis at the Maccabiah Games in Israel.
In an emailed statement, Goldman Sachs, said, “We disagree with the views expressed, which we don’t think reflect the way we run our business. In our view, we will only be successful if our clients are successful. This fundamental truth lies at the heart of how we conduct ourselves.”
So far, msnbc.com hasn't been able to track Smith down for a comment, but the Wall Street Journal, quoting a person familiar with the matter, said Smith is a vice president, which is a common title on Wall Street, even among junior staff.
Related story: Goldman Sachs resignation 'letter' an Internet sensation
http://www.nytimes.com/2012/03/14/op...achs.html?_r=1
Banking VP's... one step above teller.
03-15-2012, 03:27 AM
#2
Карты убийцы
Thread Starter
To be fair, Goldman said that in a recent internal People Survey of which 85% of employees responded, nine out of ten people, including a large amount of the company’s 12,000 vice presidents, which had included Smith, said the company provides “exceptional service to them.”
Read more: http://www.foxbusiness.com/industrie...#ixzz1pAhxvYUR
So practically if you get a business card from Goldman with VP as the title, it means as much as a burger flipper in Detroit. And at $150K a year in New York, they'd work less hours have have more as a Walmart greeter in SC.
Read more: http://www.foxbusiness.com/industrie...#ixzz1pAhxvYUR
So practically if you get a business card from Goldman with VP as the title, it means as much as a burger flipper in Detroit. And at $150K a year in New York, they'd work less hours have have more as a Walmart greeter in SC.
Was anyone's opinion/view/expectation any different?
03-17-2012, 08:27 AM
#6
I feel the need...
Start a burger flippin service, for all the right reasons, at the top, top of four seasons…
NuttyPro, you should try flippin burgers sometime. Might find that you actually enjoy it in the real world here with the rest of us, instead of peddling overpriced tuition to poor college kids who are taking out taxpayer subsidized loans which may require an epic taxpayer funded bailout someday.
03-17-2012, 06:56 PM
#7
Карты убийцы
Thread Starter
Oh. hell the death poster... lock the thread since from this point forward someone, and the only one, will be c&p to their previous post for infinity.
Trending Topics
10-20-2012, 04:30 AM
#8
I feel the need...
Greg Smith Quit Goldman After ‘Unrealistic’ Pitch for $1M
Greg Smith, the former Goldman Sachs Group Inc. (GS) salesman who publicly accused the firm of ripping off its clients, was denied a raise and a promotion in the weeks before he resigned in March, documents provided by Goldman show.
Smith, 33, told one of his managers in a December 2011 meeting that he expected to earn more than $1 million a year, about double what he was making at the time as an executive director in London, according to a summary of Goldman Sachs’s investigation into Smith’s claims. He also said in the meeting that he wasn’t advancing up the corporate ladder fast enough and expected to win the promotion to managing director he had repeatedly stated as a goal in self-evaluations.
His bosses were incredulous. New York-based Goldman Sachs, the fifth-largest U.S. bank, was about to book its second-lowest profit in a decade and that year had eliminated almost a tenth of its workforce -- 3,400 jobs. The equity-derivatives desk Smith worked for in London had been told that compensation would be down “significantly,” according to the firm’s summary.....
Smith, 33, told one of his managers in a December 2011 meeting that he expected to earn more than $1 million a year, about double what he was making at the time as an executive director in London, according to a summary of Goldman Sachs’s investigation into Smith’s claims. He also said in the meeting that he wasn’t advancing up the corporate ladder fast enough and expected to win the promotion to managing director he had repeatedly stated as a goal in self-evaluations.
His bosses were incredulous. New York-based Goldman Sachs, the fifth-largest U.S. bank, was about to book its second-lowest profit in a decade and that year had eliminated almost a tenth of its workforce -- 3,400 jobs. The equity-derivatives desk Smith worked for in London had been told that compensation would be down “significantly,” according to the firm’s summary.....
