On Early Wednesday morning, Greg Smith, a 33-year-old midlevel executive at Goldman Sachs resigned, citing concerns that the company’s culture has gone haywire. About 15 minutes after his resignation, an op-ed article that he had written explicating his criticism was published in the New York Times. The article - containing statements such as, “it makes me ill how callously people still talk about ripping off clients", reignited the debate about corporate greed on Wall Street that had largely begun to to subside after the industry’s behavior in the financial crisis in 2008. CEO LLoyd Blankfein expressed his frustration with the article, saying that there were many outlets within the firm - such as its detailed and intensive employee feedback methods, and independent, public surveys - through which Smith could have made his concerns known. The release of the op-ed article attracted negative attention from the media worldwide, and Goldman shares fell by 3.4 percent. Evidently, the public nature of Smith’s discontent has produced a ripple effect for the firm.
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Editorial Staff
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