No, not really. But when so many farewell emails can veer into an uncomfortable To: All of trying way too hard for comedy gold, this one ought to be acknowledged for including the words “highly experimental civilian space travel program coordinated by NASA,” not biting off more than it can chew, and not trying to be a hero. Read more »
“Over the course of the last eleven years, I have been fortunate to be the CEO of Knight Capital Group. Together we achieved a wide variety of the business goals we had established. With the transaction with GETCO completed, and after careful consideration, I have decided that now is the right time for me to resign as Executive Chairman and leave the organization…I take great pride in the fact that “legacy Knight” is operating so well as it moves into KCG Holdings. And I am gratified that the values at the core of Knight’s DNA – client service, integrity and maintaining the highest standard of business ethics – will continue to be core values of KCG going forward. Our business success is dependent upon relationships built on trust, and it is due to the committed and hardworking employees of Knight that our company has been successful through the years. Similarly, it has been an honor to work closely with Knight’s clients…All the best, Tom Joyce.” [BI]
Resignation Letter Reveals Goldman Sachs Is In The Business Of Making Money, Hires People Who Don’t Know How To Tie Their ShoesBy Bess Levin
Greg Smith is a Goldman Sachs “executive director” and “head of equity derivatives” in Europe, the Middle East and Africa. And, as you may have heard, today is his last day at the firm. Greg had a speech prepared for the big announcement, which he stayed up all night writing and planned to deliver on the trading floor at noon, but assuming security has other ideas, we volunteered to relay his story. A word of advice: brace yourselves.
Why is Greg resigning from Goldman Sachs? To understand why he’s leaving, you have to know what it was like when he got here, twelve years ago.
It might sound surprising to a skeptical public, but culture was always a vital part of Goldman Sachs’s success. It revolved around teamwork, integrity, a spirit of humility, and always doing right by our clients. The culture was the secret sauce that made this place great and allowed us to earn our clients’ trust for 143 years. It wasn’t just about making money; this alone will not sustain a firm for so long. It had something to do with pride and belief in the organization.
For a while, Greg loved Goldman Sachs! And the feeling was mutual, otherwise they obviously would not have bestowed him the great honor of being “selected as one of 10 people (out of a firm of more than 30,000) to appear on the recruiting video, which is played on every college campus we visit around the world.” Shortly after the cameras rolled and he got his star turn, though, things began to change. And not in a good way. Greg suddenly noticed that the culture that made him “love working for this firm” was gone. He no longer had “the pride, or the belief.” The moment of truth? When he realized he “could no longer look students in the eye and tell them what a great place this was to work.” It didn’t matter how great a performance he gave in those videos. It didn’t matter that audiences would ask if he really worked for Goldman or if they’d hired an actor, as he appeared to have been classically trained. It didn’t matter that his recruiting DVD had been nominated for several trade awards. It didn’t matter because Greg had seen too much. Read more »
From: [redacted at Barclays]
Sent: Thursday, January 13, 2011 11:59 AM
Subject: I am out of the office … forever!
Kingdon Capital Head Of IR Sends Letter To Investors Detailing Uncertainty Of Firm’s “Future Viability”By Bess Levin
Marjorie Greenspan Kaufman was, until recently, a managing director and head of investor relations at Kingdon Capital. A week or so ago she was unceremoniously canned, as reported by Absolute Return, which prompted her to blast out an email to, we’re told, any clients with over $100 million invested, essentially telling them to take their money and run, as this bitch, and I’m paraphrasing here, is going down. We have the email, after the jump. Read more »