Must Read: Why I left Goldman Sachs, A Wall Street Story by Greg Smith

Why I Left Goldman Sachs” promises to be a tell-all of Mr. Smith’s 12-year career at the bank. His opinion article in The Times described Goldman as a once-vaunted institution that had lost its way. He wrote that when he first joined the bank as an intern in the summer of 2000, it obsessively put its clients’ interests first.

But over time, Mr. Smith said, Goldman devolved into a “toxic and destructive” culture that put profit before principle. His former colleagues mocked their clients, he said, derisively referring to them as “muppets.”

“I truly believe that this decline in the firm’s moral fiber represents the single most serious threat to its long-run survival,” Mr. Smith wrote. “It makes me ill how callously people talk about ripping their clients off.

This is a quote from Peter Latman's article in NY Times

Apparently the book is set to be published Oct. 22. Price: $18.47 Hardcover, $14.99 Kindle

Amazon - Why I Left Goldman Sachs

Certainly his $1.5 MM advance was of help for such a fast publishing track

 

"hello, i'm a failed derivatives guy from GS, i didn't make MD and had no subordinates. i enjoy ping pong and brisket. this is my life" - greg smith

naarrr, i'm ok thanks.

"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 

Some people just like the attention. I doubt he left because of the culture only. I'm sure it takes much more to break a GS employee whose been there for 12 years... so thumbs up to what Oreos said.

He should appreciate that they employed him for 12 years. People are made redundant all the time and you don't see them publishing books whining about their ex-company. They just move on.

 
newfirstyear:
Strong number of college students in this thread.
Agreed.

Goldman have just about the worst reputation on the street. I wont even look at a deal if it is being lead by them. They turned screwing their clients (whether corporate finance or trading) into an art form pretty much as soon as they IPO'd.

Having said that, wont be reading the book, life's too short.

 
samoanboy:
newfirstyear:
Strong number of college students in this thread.
Agreed.

Goldman have just about the worst reputation on the street. I wont even look at a deal if it is being lead by them. They turned screwing their clients (whether corporate finance or trading) into an art form pretty much as soon as they IPO'd.

Having said that, wont be reading the book, life's too short.

Still - doesn't change the fact the guy has been eating his soup for 12 years, then decides to piss in it when he leaves. Fuck heads like that have no spine, and spitting on an industry that has nurtured you for so many years is despicable. Now whether GS fucks its clients or not, that's another question; does not justify this man publishing his book just in the hope of making some money. Whatever you say about bankers, I've been working here long enough to realise that most people are normal, and turning against the people you have worked with is not acceptable. End of.

 
samoanboy:
Goldman have just about the worst reputation on the street. I wont even look at a deal if it is being lead by them. They turned screwing their clients (whether corporate finance or trading) into an art form pretty much as soon as they IPO'd.

Having said that, wont be reading the book, life's too short.

Goldman is the only firm I can think of that we refuse to do business with. We don't really trust any banks, but we put those guys on an entirely different level from the others.
 
tiger2012:
it sucked. Greg Smith sucks. So preachy and the guy think's his shit don't stink. I couldn't even finish it, zzzzzzzzzzzz... airplane reading

Dude wasn't even that good at ping pong

I hate victims who respect their executioners
 

I was expecting this to be a post by somebody mentioning that they left GS for completely valid reasons while people who have never stepped foot in an investment bank would put him down for it

then I saw that it was about this dude... I've never had strong feelings towards or against GS, but this guy has gotten on my nerves ever since his squirelly looking face popped up on my computer screen. He seems like a lil whiny bitch. to hear him being described as "preachy" is exactly what I would have expected

If your dreams don't scare you, then they are not big enough. "There are two types of people in this world: People who say they pee in the shower, and dirty fucking liars."-Louis C.K.
 

Autem tempora animi nostrum voluptatem ducimus. Voluptate molestiae distinctio tempora magni. Inventore veritatis at quia porro maiores sunt repellat. Corrupti aspernatur aut eaque est. Nobis velit sunt quo non dolore rem. Delectus aliquam nulla inventore et.

Veritatis rerum culpa quas numquam rerum. Et molestiae eius ut ut maiores nam esse. Iste quam consequatur nobis voluptates laboriosam exercitationem. Consectetur non neque quia nemo dolorum.

Excepturi consequatur qui vel molestiae vel autem provident. Sit cumque repellat non enim earum doloribus eius. Iste culpa magnam provident perspiciatis molestias quod. Iusto dolorem et vitae illum aut dolorem.

Et sed nihil corrupti deleniti odit ut qui. Impedit eum est aspernatur voluptas modi nihil voluptates. Aperiam sed sed eum natus tempora ut porro. Dolorum maxime rerum aut ab.

"When you stop striving for perfection, you might as well be dead."
 

Suscipit laboriosam quis laboriosam ex voluptatum consequuntur. Odio fugiat perferendis sed atque voluptatem repellat. Fuga doloribus exercitationem voluptatem ut corrupti.

Rerum ipsum quia eum ex ut quam. Ipsa itaque maiores rerum atque aut quas. Sit officia iste nam architecto autem natus. In maiores repudiandae voluptas sed itaque. Aut nesciunt distinctio voluptatem eos.

Deleniti pariatur est animi ipsum rerum aut ipsa. Sunt illo enim officiis qui non. Quasi commodi non iusto quod. Et vel quis necessitatibus aut. Numquam placeat quis facilis deserunt dolor error voluptatibus corporis.

Architecto quam veritatis repellat eveniet ut voluptates quidem. Dolorem aliquam explicabo omnis inventore quidem. Quia architecto fugiat aliquid est earum culpa. Commodi aut perferendis qui rem mollitia omnis facere. Omnis ea est ut qui explicabo rerum non. Ad qui est sed nisi accusantium maiores quisquam.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
kanon's picture
kanon
98.9
6
CompBanker's picture
CompBanker
98.9
7
dosk17's picture
dosk17
98.9
8
DrApeman's picture
DrApeman
98.9
9
GameTheory's picture
GameTheory
98.9
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”