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Upper management at Goldman Sachs
GS is not having a good day on Wednesday after a former executive quit the firm by penning a scathing op-ed in the New York Times which describes Goldman's culture as "toxic" and "destructive."
The rebuke was brutal and the story has become a global trending topic on Twitter and sent the financial media into a gleeful tizzy.
In the wake of the financial crisis, Goldman's PR has been a bumbling mess and Smith's missive will likely be the last nail in the coffin for Lloyd Blankfein's tenure at the helm of the firm.
His departure is long overdue.
Obviously, the Vampire Squid is not going to take this shot from their former employee sitting down. After all, the firm has done an excellent job of destroying its own reputation by confronting any and all criticism with overwhelming hubris, arrogance, and general short-sighted stupidity.
Below, readers can find a memo signed by Blankfein and Goldman President Gary Cohn (both of whom were called out by Smith) which was sent out to Goldman employees in the wake of today's firestorm.
You know it is a bad day when you are forced to sit down and write this to your employees...
March 14, 2012
Our Response to Today's New York Times Op-Ed:By now, many of you have read the submission in today's New York Times by a former employee of the firm. Needless to say, we were disappointed to read the assertions made by this individual that do not reflect our values, our culture and how the vast majority of people at Goldman Sachs think about the firm and the work it does on behalf of our clients.In a company of our size, it is not shocking that some people could feel disgruntled. But that does not and should not represent our firm of more than 30,000 people. Everyone is entitled to his or her opinion. But, it is unfortunate that an individual opinion about Goldman Sachs is amplified in a newspaper and speaks louder than the regular, detailed and intensive feedback you have provided the firm and independent, public surveys of workplace environments.Loading...
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Posted In: NewsMovers & ShakersPsychologyTopicsManagementEventsGlobalGeneralGary CohnGreg SmithLloyd Blankfein
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