Description:Â Some day, when they write the definitive history ofGoldman Sachs (GS), Wall Streetâ€™s 143-year-old warehouser of brass rings, the date March 14, 2012, will stand in infamy. If you havenâ€™t already heard, thatâ€™s when Greg Smith, an executive with the bank in London, resigned with guns a-blazing, in a corporate revenge fantasy worthy of a sequel to Office Space. The 12-year veteranâ€”he started as a summer intern during collegeâ€”penned an op-ed in the New York Times that wasted zero time to cut to the damning chase:
Questions for discussion:
- Summarize the criticisms made by Greg Smith.
- How has this report evaluated the impact on the firm?
- What are the managerial implications for Goldman?