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Goldman Sachs’s investigation into a former employee’s allegations that the bank’s culture is “toxic” has not found evidence to support the claims.The bank’s investigation has shared its findings with the board of Goldman, according to the Financial Times. Goldman began the investigation last March after Greg Smith, a former derivative salesman, used a scathing resignation letter published in the New York Times newspaper to attack the bank.
In it, Mr Smith, who was based in London for the final years of his career at Goldman, said that bankers described clients as “muppets” and did not look out for their interests.
Dubbed “the muppet hunt”, the investigation examined thousands of emails but 99pc of the references to muppet were to the film of that name.
However, one email did refer to clients as “muppets” but the investigation concluded it was part of an attempt to explain a trade rather than mislead a customer, the FT reported .
Since the sensational letter, Goldman has embarked on a major public relations campaign that has seen chairman and chief executive Lloyd Blankfein give a series of interviews. However, the bank will face renewed scrutiny when Mr Smith publishes an account of his time at Goldman later this month.
Goldman publishes its third-quarter results next week.