By Jennifer Ablan and Matthew Goldstein
Goldman Sachs’s chief executive Lloyd Blankfein and his likely successor, Gary Cohn, issued a formal response today following a scathing op-ed in the New York Times from Greg Smith, who announced his resignation from the investment firm.
Smith, a banker who worked in Goldman’s equity derivatives group, asserted that several Goldman managing directors had referred to their own clients as “muppets.” In Britain, where Smith is based, “muppet” is used as a derogatory term to describe someone who is regarded as being ignorant.
You can read his list of complaints below.
For their part, Blankfein and Cohn wrote: “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.”
They added: “We are far from perfect, but where the firm has seen a problem, we’ve responded to it seriously and substantively. And we have demonstrated that fact.”
We would love to hear where you stand on this matter — whether you work, worked, or want to work for Goldman Sachs. Twitter us @jennablan or @mattgoldstein26 or email.