• 14 Mar 2012 at 12:37 PM

Goldman Sachs Was Less Than Thrilled With Times Op-Ed

“By now, many of you have read the submission in today’s New York Times by a former employee of the firm. Needless to say we were disappointed…”

…to read the assertions made by this individual that do not reflect our values, our culture and how the vast majority of people at Goldman Sachs think about the firm and the work it does on behalf of our clients.

In a company of our size, it is not shocking that some people could feel disgruntled. But that does not and should not represent our firm of more than 30,000 people. Everyone is entitled to his or her opinion. But, it is unfortunate that an individual opinion about Goldman Sachs is amplified in a newspaper and speaks louder than the regular, detailed and intensive feedback you have provided the firm and independent, public surveys of workplace environments.

While I expect you find the words you read today foreign from your own day-to-day experiences, we wanted to remind you what we, as a firm – individually and collectively – think about Goldman Sachs and our client-driven culture.

First, 85 percent of the firm responded to our recent People Survey, which provides the most detailed and comprehensive review to determine how our people feel about Goldman Sachs and the work they do.

And, what do our people think about how we interact with our clients? Across the firm at all levels, 89 percent of you said that that the firm provides exceptional service to them. For the group of nearly 12,000 vice presidents, of which the author of today’s commentary was, that number was similarly high.

Anyone who feels otherwise has available to him or her a mechanism for anonymously expressing their concerns. We are not aware that the writer of the opinion piece expressed misgivings through this avenue, however, if an individual expresses issues, we examine them carefully and we will be doing so in this case.

Our firm has had its share of challenges during and after the financial crisis, but your pride in Goldman Sachs is clear. You’ve not only told us, you have told external surveys.

Just two weeks ago, Goldman Sachs was named one of the best places to work in the United Kingdom, where this employee resides. The firm was the highest placed financial services company for the third consecutive year and was the only one in its peer group to make the top 25.

We are far from perfect, but where the firm has seen a problem, we’ve responded to it seriously and substantively. And we have demonstrated that fact.

It is unfortunate that all of you who worked so hard through a difficult environment over the last few years now have to respond to this. But, our response is best demonstrated in how we really work with and help our clients through our commitment to their long-term interests. That priority has distinguished us in the past, through the financial crisis and today.

Thank you.

Lloyd C. Blankfein Gary D. Cohn

Goldman Memo: We Were Disappointed to Read Assertions [Deal Journal]
Earlier: Resignation Letter Reveals Goldman Sachs Is In The Business Of Making Money, Hires People Who Don’t Know How To Tie Their Shoes
Earlier: Jewish Ping-Pong Tournament Participant / Sixth-Year Goldman Sachs Vice President Is Looking For His Next Challenge

73 comments (hidden to protect delicate sensibilities)
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Comments (73)

  1. Posted by Quimdung | March 14, 2012 at 12:47 PM

    just saw a pic of ol Greg Smith on bloomberg TV, he looks like a foolish, albino marsupial

  2. Posted by Buy Side Fool | March 14, 2012 at 12:58 PM

    Muppets Take Manhattan (Specifically 200 West)

  3. Posted by agreatdaytothink | March 14, 2012 at 1:03 PM

    Feverishly regretting a couple of internal emails.

    – MD that may hve referred to clients as "muppets", and never though that would be an IT search flag.

  4. Posted by Insider Fading | March 14, 2012 at 1:04 PM

    Muppets vs. Lloyd 'Gollum' Blankfein.

    And other people at GS like Smith. http://www.businessinsider.com/former-goldman-int

    It's known GS are a bunch of scumbag banksters, though having one of their own say it…

  5. Posted by FKApmco | March 14, 2012 at 1:07 PM

    In news way more important than the pettish*, very public, twitter-trending tantrum of a former GS ED, today is National Steak & BJ Day.**

    * pettish means petulantly peevish
    ** NSBJ Day is a corollary to Valentine's Day*** which is why it is on March 14th.
    *** as a fan of equality, steak and BJs, NSBJ Day is something I can get behind****
    **** and by "behind" I mean "in front of"

  6. Posted by Guest | March 14, 2012 at 1:08 PM

    Hmmmm….. so about those 15% (4,500) of Goldman who didn't respond to the survey….

    Yeah…. they totally would have given stellar numbers.

    Would have skipped that factoid if I were Llyod.

  7. Posted by GaryCohn | March 14, 2012 at 1:09 PM

    Where's the data on how much my employees like the crotch-in-face routine?

  8. Posted by Incitatus | March 14, 2012 at 1:10 PM

    You are hereby requested to cease and desist from the use of the term "banksters" (hereafter, the "Foolish Sounding Term"). My client, an 11 year old girl ("Tina"), has legally appropriated that name for exclusive use in her preteen-focused internet weblog (the "Blog").

  9. Posted by Gottcha | March 14, 2012 at 1:16 PM

    Greg Smith = Jerry McGuire

  10. Posted by Kermit | March 14, 2012 at 1:32 PM

    What's wrong with being a Muppet?
    -Count von Count
    Sesame Street Quant

  11. Posted by Just Saying | March 14, 2012 at 1:33 PM

    GS internal People Survey > russian presidential election

  12. Posted by Guest | March 14, 2012 at 1:41 PM

    12K VPs out of 30K?

    I thought the title meant something.


  13. Posted by HFguy | March 14, 2012 at 1:44 PM

    "And, what do our people think about how we interact with our clients? Across the firm at all levels, 89 percent of you said that that the firm provides exceptional service to them. For the group of nearly 12,000 vice presidents, of which the author of today’s commentary was, that number was similarly high."

    Hey LB, you missed Greg's point. That is exactly what he is saying but by "service to client" you mean "screwing them over" while Greg's thinks it means "service to client".

  14. Posted by Herb Schmertz | March 14, 2012 at 1:45 PM

    Considering other significances of this date, might I also have some of your pi?

  15. Posted by Show Me the Money | March 14, 2012 at 1:52 PM

    Don't worry Greg, this is all gonna work out for you in the end

    -Jerry McGuire

  16. Posted by Guesty | March 14, 2012 at 2:02 PM

    LvP never would have let this happen.

  17. Posted by Guest | March 14, 2012 at 2:21 PM

    Greg, you in danger Girl.
    – Ada Mae

  18. Posted by Guesticles | March 14, 2012 at 2:22 PM

    Clients = Muppets
    Lucas Van Praag = Puppet

  19. Posted by Guest | March 14, 2012 at 2:25 PM

    12,000 Vice Presidents, really? I realize that on Wall Street it's considered standard practice to give people ridiculous titles that are completely out of line with their responsibilities ("Senior Director and Executive Associate President over North American Operations" = sits at the reception desk and buzzes visitors in through the front entrance), but I would think that handing out the same pretentious title to too many people would make it too, well, obvious . . .

    – Senior Partner, General Counsel, and Chief Consulting Officer for Online Operations

  20. Posted by Guest | March 14, 2012 at 2:38 PM

    Excuse me, Greg, I think I get credit for the new definition of "servicing the client".
    -Jon Corzine

  21. Posted by Guest | March 14, 2012 at 2:38 PM

    Fuck Me.
    If one more disgruntled employee forced me to get out of my hot tub while I'm on damn holiday to write up another one of these goddamn statements I'm going do damage.

    – GS PR Bitch who actually wrote that letter

  22. Posted by UBS HR Quant | March 14, 2012 at 2:42 PM

    "First, 85 percent of the firm responded to our recent People Survey, which provides the most detailed and comprehensive review to determine how our people feel about Goldman Sachs and the work they do."

    So, the Securities division comprises 15 percent of the firm, then.

  23. Posted by vp_md | March 14, 2012 at 2:48 PM

    that's even more than teldar paper

  24. Posted by (_)*(_) | March 14, 2012 at 2:50 PM

    [subtext] Blowjobs

  25. Posted by Abe_Froman_ | March 14, 2012 at 3:22 PM

    Lloyd, you sandbaggin’ son of a bitch – "We are far from perfect"

  26. Posted by FKApmco | March 14, 2012 at 3:28 PM

    Sure thing, Herb. Here's 3.1415* for you. Play your cards right and you will get the other 9265**

    * Typed left, right, left, right, left, right on the qwerty
    **Typed right handed on the number pad

  27. Posted by b-chan | March 14, 2012 at 3:39 PM
  28. Posted by Guest | March 14, 2012 at 3:58 PM
  29. Posted by Merrill Lynch drone | March 14, 2012 at 5:08 PM

    I still have no Penis

  30. Posted by Paranoid Analyst | March 14, 2012 at 6:48 PM

    "has available to him or her a mechanism for anonymously expressing their concerns. We are not aware that the writer of the opinion piece expressed misgivings through this avenue."

    Seems to be a subtle hint that the anonymous mechanism is not so anonymous after all. I'll continue telling them what I think they want to hear.

  31. Posted by Guest | March 14, 2012 at 7:20 PM

    Also, somehow the fact that 40% of the company are Vice Presidents takes the shine off that title.

  32. Posted by HFguy | March 15, 2012 at 7:02 AM

    All I hear is blurb-blurb-blurb when you speak.. please remove your lips from LB's cock when talking

  33. Posted by Fmr GS | March 15, 2012 at 12:02 PM

    Much like the "anonymous 360-degree" review process. Remember, your MD is awesome.

  34. Posted by Guest | March 15, 2012 at 5:19 PM


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    only 12,000 VP's? here at BankofAmericaMerrillLynchBlows everybody is a VP

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