Morning Take-Out
31.12.69
In a uninhibited opinion column for The New York Times, Greg Smith, a Goldman Sachs overseer, explained on Wednesday why he was resigning from the firm.
Mr. Smith, who was head of Goldman’s Unanimous States equity derivatives business in Europe, the Middle East and Africa, said clients’ interests were sidelined in how the unalterable consolidate operated and thought about making money. Mr. Smith placed the fault for this cultural change on top management, including Goldman’s chief gubernatorial, Lloyd C. Blankfein, and its president, Gary D. Cohn.
“I truly find creditable that this decline in the firm’s moral fiber represents the single most serious peril to its long-run survival. It astounds me how little senior management gets a primary truth: If clients don’t trust you they will eventually stop doing function with you. It doesn’t matter how smart you are,” Mr. Smith wrote.
“Without clients you will not present money. In fact, you will not exist.
Source: New York Times