The very notion of serving the client is no longer one of the driving forces at Goldman Sachs, or so says Greg Smith, who resigned as an executive director at Goldman today. His resignation is quite public, as it is a leading op-ed in today's NY Times.
This article will be widely quoted and referenced. If Smith is correct - and I get the feeling he is telling things as they are - his article is fodder for those who do not have positive feelings for Wall Street.
Smith is not shy about blaming Blankfein and Cohn for what Smith sees as a fatal change in culture. Smith writes,
"Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an ax murderer) you will be promoted into a position of influence."
In his view, Goldman has lost sight of the client, which loss will eventually bring the firm down. Smith believes that "Goldman Sachs today has become too much about shortcuts and not enough about achievement."
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