In the wake of the Greg Smith resignation letter fiasco, Goldman Sachs’ workplace reputation has plummeted to levels worse than during the financial crisis, according to YouGov BrandIndex, a daily brand consumer perception index.
YouGov polls 5,000 consumers daily and poses the question “Would you be proud or embarrassed to work for this brand?” in order to determine workplace reputation for banks, according to a YouGov press release. The index scores banks from 100 to -100, with 0 being a neutral score. Goldman’s current score is at -36.
Although the Greg Smith fiasco has caused Goldman’s workplace rep to drop, the bank’s score was lowest at -44 during the SEC settlement over the Abacus CDOs in 2010.
YouGov conveniently averaged the workplace reputation scores of four Goldman competitors—UBS, BofA Merrill Lynch, Morgan Stanley and JP Morgan and compared it against Goldman’s score for the last two years. It seems like Goldman has been embarrassingly unpopular for a while.
Here’s a chart of Goldman’s reputation score in the two weeks leading up to Greg Smith’s public letter: