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Comment on Greg Smith letter on Goldman Sachs

Comment on Greg Smith letter on Goldman Sachs

Dave Way, managing director of accountancy and finance recruiter Marks Sattin said: “Greg Smith’s letter of resignation is a show either of supreme confidence or wild recklessness. By including in his attack on Goldman Sachs’ culture the fact that he’s a dab hand with a table tennis bat and came close to a Rhodes scholarship, he makes it plain the letter serves both as much as a CV as a valedictory slap in the face to his former colleagues.

“But if Smith is looking for a new job, he’s playing a very dangerous game. Like most of the City’s major employers, Goldman Sachs have a strong network of alumni running companies across the world who could be bosses or clients for high-level professionals changing jobs. Those that didn’t leave for the same reasons as Mr Smith may not think his words about their former colleagues were particularly well chosen.

 

“On top of that, many potential employers – regardless of their views about international investment banking – might be nervous about employing someone they know is capable of a stinging rebuke on departure. It’s not just those who are leaving Goldman Sachs who need to think hard before publicly criticising former colleagues. You never know who you may be interviewed by or pitching to in future and unless you’re part of the tiny proportion of people so talented it doesn’t matter, the best strategy is to leave your former employer on the best terms possible”.

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