Once upon a time, Greg Smith found Goldman Sachs to be a place where the wealth management consultant would support the customer's pursuit of his own investment goals in a way that optimized the benefit that accrues both to the customer and to Goldman Sachs.
Now, Greg Smith finds Goldman Sachs to be a place where the wealth management consultant will either support or thwart the customer's pursuit of his own investment goals in a way that maximizes the benefit that accrues to Goldman Sachs.
Greg Smith reckons that promotion at Goldman Sachs used to be based on leadership factors such as "ideas, setting an example, and doing the right thing." Greg Smith reckons that promotion is now based on "whether you make enough money for the firm."
Greg Smith laments that clients are discussed in terms, and managed in ways, that undermine rather than establish trust.
Greg Smith projects that junior analysts at Goldman Sachs will learn that profitability trumps service, that the monomaniacal pursuit of profit constitutes leadership, and that the reification of clients as profit centers will eventually undermine the enterprise.
Greg Smith doesn’t know of any illegal behavior at Goldman Sachs.
Greg Smith was executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East, and Africa!
Greg Smith was selected as one of 10 people (out of a firm of more than 30,000) to appear on the Goldman Sachs recruiting video, which is played on every college campus Goldman Sachs visits around the world!
Greg Smith has had the privilege of advising two of the largest hedge funds on the planet, five of the largest asset managers in the United States, and three of the most prominent sovereign wealth funds in the Middle East and Asia!
Greg Smith's clients had a total asset base of more than a trillion dollars!
Greg Smith got a full scholarship to go to Stanford University!
Greg Smith won a bronze medal for table tennis in "the Jewish Olympics!"
Greg Smith was selected as a Rhodes Scholar national finalist!