performance reviews

As you may have heard, eleven short days from now Grand Central Publishing will release Why I Left Goldman Sachs: A Wall Street Story. The book is the memoir of former Goldman employee Greg Smith, who in March of last year penned an op-ed for the New York Times called “Why I Am Leaving Goldman Sachs,” a resignation letter of sorts in which Smith detailed the ways the firm had disappointed, sickened, and ultimately failed him, from opting for “shortcuts” over “achievement” to becoming, in the twelve years he worked there, a place that only cares about one thing and one thing only: “making money.” While perhaps another person would have turned a blind eye and said nothing, Greg had an obligation, as a Rhodes Scholar national finalist and a Maccabiah Games bronze medal finisher in ping-pong, to say ENOUGH. To violate his employer in the most gruesome fashion possible (that is, publicly), in front of clients and other interested parties. To let the world know this place he worked at for over a decade could continue to be a criminal enterprise but that he was moving on.

The piece, as you might have imagined, did not please many people at Goldman Sachs nor did the $1.5 million deal Smith scored shortly thereafter to write the book. In September, a spokesman for the firm issued a delightfully bitchy, exceptionally underminey comment to the press re: Smith’s tale being no more interesting than that of a disgruntled first-year analyst who thinks he’s got a story to tell and yesterday, amazingly and almost unbelievably but you must believe it because here it is, leaked details of Greg’s performance reviews to the Financial Times which, spoiler alert, are less than flattering. Read more »

Adoboli lawyer Charles Sherrard said the bank became “more aggressive in terms of its desire to make profits” in 2011, while cross-examining one of Adoboli’s former bosses at a fraud trial in London today. “The culture, practice at the bank you were working for, didn’t matter as long as you were making money,” Sherrard said to Ron Greenidge, who oversaw UBS’s exchange-traded-funds desk until April of last year…Greenidge, who worked at UBS for 19 years, said today he was dismissed for gross misconduct because of Adoboli’s trades. He said he felt the bank was making him a scapegoat…Sherrard read out Adoboli’s performance reviews from 2009 written by Greenidge, which said the trader needed a better balance between work and other activities. Greenidge said Adoboli was a “great ambassador for the ETF product” and had outstanding performance that year…The culture at UBS changed with the arrival from Deutsche Bank of Yassine Bouhara in 2010 as the co-head of equities, Sherrard said. Bouhara is no longer at the bank. “The very nature of the bank became more aggressive in terms of its desire to make profit,” Sherrard said to Greenidge. “The mantra was coming from above was revenue, revenue, revenue.” [Bloomberg]