London (CNN) – We’ve all seen it before: A disgruntled employee quits his or her job and takes that fateful decision of putting pen to paper in fiery fashion.
The result varies from a whiny monologue to a master class in corporate psychology, depending on how familiar you are with their firm.
Unfortunately for Goldman Sachs, the company was already a household name by the time former executive Greg Smith chose to voice his reservations about it so publicly in The New York Times today.
The paper presumably wouldn’t have opted to publish the OpEd had Goldman not been such a high profile - and yet super secretive - institution.
For all the press attention Goldman has gathered over the years, those on the outside still know relatively little about what goes on inside its gilded cage.
Editor's note: Goldman Sachs banker Greg Smith quit his job Wednesday, calling the investment bank "toxic" in an opinion piece in The New York Times. The firm responded with this memo.
March 14, 2012
Our Response to Today’s New York Times Op-Ed
By now, many of you have read the submission in today’s New York Times by a former employee of the firm. Needless to say, we were disappointed to read the assertions made by this individual that do not reflect our values, our culture and how the vast majority of people at Goldman Sachs think about the firm and the work it does on behalf of our clients.
In a company of our size, it is not shocking that some people could feel disgruntled. But that does not and should not represent our firm of more than 30,000 people. Everyone is entitled to his or her opinion. But, it is unfortunate that an individual opinion about Goldman Sachs is amplified in a newspaper and speaks louder than the regular, detailed and intensive feedback you have provided the firm and independent, public surveys of workplace environments.
While I expect you find the words you read today foreign from your own day-to-day experiences, we wanted to remind you what we, as a firm – individually and collectively – think about Goldman Sachs and our client-driven culture.
Hong Kong, China (CNN) – What a difference a year makes for one of Asia’s flagship airlines.
For its 2010 fiscal year, Cathay Pacific reported a record $1.8 billion in net earnings. Wednesday, it revealed a huge reversal for 2011. Its net profit slid 61% year-on-year to just about $700 million.
That multi-million dollar sum may sound good to those of us on the outside looking in, but it’s clearly a major disappointment for Hong Kong’s famous air carrier.
The reason for its big plunge in profits is two-fold.
Editor’s note: The Millennials are a generation that are constantly plugged in and moving fast to make their mark on the world. CNN’s Quest Means Business is tracking four of them. Here, Millennial and guest blogger David Lloyd - managing director of Intern Latin America, which brings international students to the region - writes on the unstoppable rise of Latin America.
Santiago, Chile (CNN) – “This 21st century will be our century, the century of Latin America,” wrote Sebastián Piñera, the president of Chile, in a recent article for The Economist. Piñera is right and the bet on “LatAm” as financiers like to refer to it, is a bet that is almost certain to come off.
London (CNN) – Greg Smith, executive director at Goldman Sachs, has written an open letter to The New York Times saying he will resign Wednesday and that the investment bank has become "toxic."
Goldman Sachs said it disagreed with the views expressed, "which we don't think reflect the way we run our business."
Smith calls bank’s environment "as toxic and destructive as I have ever seen it" and takes aim at its leadership.
The New York Times describes Smith as head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa. It says he is resigning Wednesday.
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