Former Goldman MD: 'Lloyd Is A Millstone' Around Our Necks

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Goldman Sachs management continues to take flak in the wake of Greg Smith’s incendiary op-ed.In an interview with the Financial Times’ Tom Braithwaite and Tracy Alloway, an anonymous Goldman managing director called CEO Lloyd Blankfein a “big millstone” around employees’ necks.

“People are tired of his management style and I think people want a change,” the managing director said. “Lloyd sent the signal he’s not going anywhere soon and there’s a lot of people who are dissatisfied.”

Another banker who left Goldman last year told the reporters that while “almost no one there will openly agree” with Smith, “a definite drift in attitude toward holding that view in the past two to three years.

“Any recent departures will agree that the culture has been eroding. The sheen is gone.”

At least one former colleague of Smith’s dismissed Smith’s op-ed as “a storm in a teacup”, adding: “There have been probably five or six other things in the last three years that have been more ‘mortal’ than this.”

Yet here we are.

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