Photo: flickr: ArranET
In a New York Times op-ed detailing why he’s left Goldman Sachs, Greg Smith describes two different cultures at the firm — what was, and what is.What Goldman used to be, he says, was a firm that stood by the best interests of its clients, no matter what that meant for the firm.
What it is now (and why he’s leaving) is a place of moral bankruptcy — and in that environment, Smith said there are 3 ways to get ahead.
That being said, none of them sound bad at all. They just sound like: Be good at normal banking work.
From the NYT:
a) Execute on the firm’s “axes,” which is Goldman-speak for persuading your clients to invest in the stocks or other products that we are trying to get rid of because they are not seen as having a lot of potential profit.
b) “Hunt Elephants.” In English: get your clients — some of whom are sophisticated, and some of whom aren’t — to trade whatever will bring the biggest profit to Goldman. Call me old-fashioned, but I don’t like selling my clients a product that is wrong for them.
c) Find yourself sitting in a seat where your job is to trade any illiquid, opaque product with a three-letter acronym.