Forum Post: Resigning Goldman Sachs EMEA Head Slams "Toxic & Destructive", "Morally Bankrupt" Leadership, & Rip-Off Culture
Posted 8 years ago on March 14, 2012, 8:50 a.m. EST by GildasSapiens
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Why I Am Leaving Goldman Sachs
By GREG SMITH (a Goldman Sachs executive director, and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa)
"TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it.
To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. Goldman Sachs is one of the world’s largest and most important investment banks and it is too integral to global finance to continue to act this way. 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."