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

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73 Responses to “Goldman Sachs Was Less Than Thrilled With Times Op-Ed”

  1. Quimdung says:

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

    • HFguy says:

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

  2. Buy Side Fool says:

    Muppets Take Manhattan (Specifically 200 West)

  3. agreatdaytothink says:

    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. Insider Fading says:

    Muppets vs. Lloyd 'Gollum' Blankfein.

    And other people at GS like Smith.

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

    • Incitatus says:

      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").

  5. FKApmco says:

    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"

    • Herb Schmertz says:

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

      • FKApmco says:

        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

    • (_)*(_) says:

      [subtext] Blowjobs

  6. Guest says:

    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.

    • Guest says:

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

  7. GaryCohn says:

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

  8. Gottcha says:

    Greg Smith = Jerry McGuire

  9. Kermit says:

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

  10. Just Saying says:

    GS internal People Survey > russian presidential election

  11. Guest says:

    12K VPs out of 30K?

    I thought the title meant something.


  12. HFguy says:

    "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".

  13. Show Me the Money says:

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

    -Jerry McGuire

  14. Guesty says:

    LvP never would have let this happen.

  15. Guesticles says:

    Clients = Muppets
    Lucas Van Praag = Puppet

  16. Guest says:

    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

  17. Guest says:

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

  18. Guest says:

    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

  19. UBS HR Quant says:

    "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.

  20. Abe_Froman_ says:

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

  21. Merrill Lynch drone says:

    I still have no Penis

  22. Paranoid Analyst says:

    "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.

  23. Guest says:


  24. Merrill Lynch drone says:

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

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