Goldman Sachs Resignation

March 15, 2012 by staff 

Goldman Sachs Resignation, An executive with Goldman Sachs Group Inc. who has quit his job with a scathing resignation letter published in the New York Times is being hailed — and mocked — as the banking world’s answer to Jerry Maguire.

Greg Smith, who headed Goldman’s U.S. equity derivatives business in Europe, Africa and the Middle East, resigned Wednesday with a letter in the Op-Ed section of the venerable newspaper, entitled “Why I am Leaving Goldman Sachs.”

His scornful “take this highly lucrative job and shove it” letter is making waves throughout the financial world and causing a huge headache for Goldman’s public relations department, which has been forced to issue a statement to say it disagrees with Smith’s take on the company.

In his screed, Smith writes that after 12 years with the company, the firm that he was once proud to be a part of has now descended into a company that brings him shame.

“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,” Smith writes.

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