Top Goldman executive quits over culture of 'toxic' greed
A senior Goldman Sachs executive has attacked a "toxic" and "destructive" culture at the leading investment bank that is increasingly focused on making money from clients, in an article in the New York Times.
Greg Smith, who is resigning today as a Goldman Sachs executive director and head of its US equity derivatives business in Europe, the Middle East and Africa after 12 years, wrote:
"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."