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Nowhere are people buzzing more about Greg Smith than Wall Street.In case you missed it, Greg Smith was a Goldman Sachs banker who penned and published a scathing resignation letter in the New York Times op-ed section. Smith described the workplace as “toxic and destructive,” and he emphasised that the firm’s top priority was making money at the cost of clients.
While Goldman Sachs obviously has its own problems to deal with, the rest of Wall Street is obviously on edge.
Reuters’ Nishant Kumar and Lawrence White obtained a memo written by Jamie Dimon, which was circulated to bankers at JP Morgan. Dimon, the CEO of JP Morgan, issued a warning.
However, his warning was not to employees who were considering publicizing their gripes about JP Morgan. Rather, Dimon warned bankers not to take advantage while Goldman was down. From Reuters:
J.P. Morgan CEO Jamie Dimon warned employees not to seek advantage from competitors’ “alleged issues” after a former Goldman Sachs banker sparked a firestorm by charging that Goldman managing directors viewed clients as “muppets.”
Dimon’s memo, awaiting Asia employees in their e-mail inboxes on Thursday morning and a copy of which was seen by Reuters, also implored staff to focus on their own bank’s standards amid the furor stirred after ex-Goldman banker Greg Smith published a scorn-filled resignation letter.
“Today’s New York Times op-ed by a Goldman Sachs executive is generating a lot of discussion around the street,” Dimon said.
“I want to be clear that I don’t want anyone here to seek advantage from a competitor’s alleged issues or hearsay — ever.
It’s not the way we do business.”
Dimon wants J.P. Morgan to take the high road. Classy.