Thursday, March 15, 2012

The rats are finally leaving the vampire squid

Why I Am Leaving Goldman Sachs




TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it.

Readers’ Comments

Readers shared their thoughts on this article.
To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. Goldman Sachs is one of the world’s largest and most important investment banks and it is too integral to global finance to continue to act this way. 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.
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. 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.
But this was not always the case. For more than a decade I recruited and mentored candidates through our grueling interview process. I was selected as one of 10 people (out of a firm of more than 30,000) to appear on our recruiting video, which is played on every college campus we visit around the world. In 2006 I managed the summer intern program in sales and trading in New York for the 80 college students who made the cut, out of the thousands who applied.
I knew it was time to leave when I realized I could no longer look students in the eye and tell them what a great place this was to work.
When the history books are written about Goldman Sachs, they may reflect that the current chief executive officer, Lloyd C. Blankfein, and the president, Gary D. Cohn, lost hold of the firm’s culture on their watch. I truly believe that this decline in the firm’s moral fiber represents the single most serious threat to its long-run survival.
Over the course of my career I have had the privilege of advising two of the largest hedge funds on the planet, five of the largest asset managers in the United States, and three of the most prominent sovereign wealth funds in the Middle East and Asia. My clients have a total asset base of more than a trillion dollars. I have always taken a lot of pride in advising my clients to do what I believe is right for them, even if it means less money for the firm. This view is becoming increasingly unpopular at Goldman Sachs. Another sign that it was time to leave.
How did we get here? The firm changed the way it thought about leadership. Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an ax murderer) you will be promoted into a position of influence.
What are three quick ways to become a leader? a) Execute on the firm’s “axes,” which is Goldman-speak for 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. b) “Hunt Elephants.” In English: get your clients — some of whom are sophisticated, and some of whom aren’t — to trade whatever will bring the biggest profit to Goldman. Call me old-fashioned, but I don’t like selling my clients a product that is wrong for them. c) Find yourself sitting in a seat where your job is to trade any illiquid, opaque product with a three-letter acronym.
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13 comments:

  1. Hi Everyone,This was how me and my Boyfriend became VAMPIRES. I got a guy from the internet called Mr. Smith who was a VAMPIRE so i told him that me and my boyfriend would love to become VAMPIRES so he asked me of my Name ,Country, Age ,State , address and asked me to pay the sum of $750 to send me his blood which i did immediately and in the next 3 days i got the blood sample through the DHL which me and my boyfriend took in the blood into our body and in the next 30 minutes we turned into a VAMPIRE so if you are interested in becoming a VAMPIRE. FIrST: Vampires is not at all like in the movies or books, Sure. I understand. You are young; you have the whole world open to you. You can be anything that you choose if you apply yourself and try hard to work toward that goal. But being a vampire is not what it seems like. It’s a life full of good, and amazing things. We are as human as you are.. It’s not what you are that counts, but how you choose to be. Do you want a life full of interesting things? Do you want to have power and influence over others? To be charming and desirable? To have wealth, health, and longevity? contact the vampires creed today via email: vampires.evilspirit@gmail.com

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  2. I turn to a vampire any time i want to. i become a vampire because of how people treat me, this world is a wicked world and not fair to any body. at the snack of my finger things are made happened. am now a powerful man and no one step on me without an apology goes free. i turn to human being also at any time i want to. and am one of the most dreaded man in my country. i become a vampire through the help of my friend who introduce me into a vampire kingdom by given me their email. if you want to become a powerful vampire kindly contact the vampire kingdom on their email vampiretransformationtemple@gmail.com

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  5. Hello EveryOne,

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    SINCERELY,
    ALISHA.

    ReplyDelete
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  9. Vampires is not at all like in the movies or books. Sure, I understand. You are young you have the whole world open to you. You can be anything that you choose if you apply yourself and try hard to work toward that goal. But being a Vampire is not what it seems like. It’s a life full of good, and amazing things. We are as human as you are.. It’s not what you are that counts, But how you choose to be. Do you want a life full of interesting things? Do you want to have power and influence over others? To be charming and desirable? To have wealth, health, and longevity, I can help you solve any problem you are having
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  10. Welcome to ( New-World Vampire Kingdom). Do you want to be a vampire,still in human,having talented brain turning to a vampire in a good posture in ten mines time to a human again, with out delaying in a good human posture. A world of vampire where life get easier,we have made so many persons vampires and have turned them rich,you will assured long life and prosperity,you shall be made to be very sensitive to mental alertness,stronger and also very fast,you will not be restricted to walking at night only even at the very middle of broad day light you will be made to walk, this is an opportunity to have the human vampire virus to perform in a good posture.if you are interested contact us on vampireworld777@gmail.com

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  11. DO YOU WISH TO BE A VAMPIRE OR YOU WANT YOUR OWN POWERS AND PROTECTION COME AND BE AMONG THE VAMPIRES TODAY AND YOU GET WHAT EVER YOU NEED OKAY CONTACT OUR Master ON HIS EMAIL

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    ReplyDelete
  12. Vampires is not at all like in the movies or books. Sure, I understand. You are young you have the whole world open to you. You can be anything that you choose if you apply yourself and try hard to work toward that goal. But being a Vampire is not what it seems like. It’s a life full of good, and amazing things. We are as human as you are.. It’s not what you are that counts, But how you choose to be. Do you want a life full of interesting things? Do you want to have power and influence over others? To be charming and desirable? To have wealth, health, and longevity, I can help you solve any problem you are having
    (1) If you want your ex back.
    (2) If you want to stop having bad dreams.
    (3) You want to be promoted in your office.
    (4) You want women/men to run after you.
    (5) If you want a child.
    (6) You want to be rich.
    (7) You want to tie your husband/wife to be yours forever.
    (8) If you need financial assistance.
    (9) If you want to stop your divorce.
    (10 If you want to divorce your husband.
    (11) If you want your wishes to be granted.
    contact the Vampires Lord on his Email: realvampirekingdom1@gmail.com or Whatsapp +13656594152

    ReplyDelete
  13. DO YOU WISH TO BE A VAMPIRE OR YOU WANT YOUR OWN POWERS AND PROTECTION COME AND BE AMONG THE VAMPIRES TODAY AND YOU GET WHAT EVER YOU NEED OKAY CONTACT OUR Master ON HIS EMAIL

    realvampirekingdom1@gmail.com 0r whatsapp number +13656594152

    AND HE WILL HELP YOU OUT.

    ReplyDelete