A Goldman Sachs executive has quit after criticising the "toxic" and "destructive" culture at the investment bank.
Greg Smith, head of the firm's equity derivatives business in Europe, the Middle East and Africa, said the firm "has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for."
"I am sad to say that I look around today and see virtually no trace of the culture that made me love working for this firm for many years. I no longer have the pride, or the belief."
His resignation letter, published in the New York Times today, alleges managing directors frequently referred to clients as "muppets", sometimes over internal email.
"It makes me ill how callously people talk about ripping their clients off," he said.
Success at the bank consisted of "persuading your clients to invest in the stocks or other products that we are trying to get rid of because they are not seen as having a lot of potential profit," Smith said.
"I attend derivatives sales meetings where not one single minute is spent asking questions about how we can help clients. It's purely about how we can make the most possible money off of them."
He encouraged CEO Lloyd Blankfein to "weed out the morally bankrupt people, no matter how much money they make for the firm."
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