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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.
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.........
If you have listened to my interview with ex Lehman Brothers VP Larry McDonald and especially if you have read his book, "A Colossal Failure of Common Sense", then you will remember that it was the exception to the rule to lead with the customer in mind.
And rarely was it brought to the attention pof management, that screwing the client to make more money is unsustainable at best. So.......
Finally an Executive Dir with some Klout, decides to stand up and bring it to the attention of the world, that conscience is gone from our financial institutions and until it returns we really do not stand a chance of not repeating recent history over and over again.
This is an age of entitlement and greed. I just watched the movie documentry "I Am" by one of the worlds most successful writer / director / producer Tom Shadyac. This movie may lean heavily to the right, but it does underline and highlight the points Greg Smith talks about in his Op-Ed piece. By the way, you should watch this movie and read the rest of Greg's letter.
If the financial industry is to come back healthy then they need to think long term. They need leaders that work for the client. It is all about under promising and over delivering. Having the trust of your client and their best interests at heart.
You don't have to be a bleeding heart liberal. The law of reciprocity is clear; both sides must get what they want abundantly or at least fairly. You do not even have to love your client, but you do have to respect them.
Calling a client "Muppets" does not fall under the umbrella of respect. - JW
What do you think?