Paul Simon sang that there are 50 ways to leave your lover. There probably aren't quite so many ways of leaving your employer. One exit route which is likely to be remembered is the resignation by New York Times approach adopted by Greg Smith recently when he left Goldman Sachs. The bank is one of the most influential investment banks in the world, although it has faced its share of controversy in the past.
Mr. Smith, an Executive Director at Goldman, was very well paid (it is suggested by some sources that he earned around ￡3 million a year) and had
"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. It makes me ill how callously people talk about ripping their clients off."
According to Mr. Smith, the bank treats its clients with contempt, with several very senior officers referring to them as "muppets".
Mr. Smith says that the bank's culture has changed in recent years. Presumably many of Mr. Smith's remarks about the current climate are true, but I new era caps don't suppose one would ever have confused Goldman's atmosphere with a more paternalistic business such as Marks and Spencer; I find it very odd that new era caps a senior employee suddenly sickens of this extremely grubby environment after more than a decade.
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