Why Isn’t Everyone Leaving Goldman Sachs? | Gagen MacDonald

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Why Isn’t Everyone Leaving Goldman Sachs?

Jan 08, 2015

By now, you’ve heard all about Greg Smith’s public resignation from Goldman Sachs.

Here are the first three things that struck me when I read it:

  1. Most of us don’t know Mr. Smith, his motives or the other side of the story. Yet, we find his account believable based on what we “know” about Goldman. And based on how he’s described the firm’s culture and approach to customers, I doubt anyone’s likening these activities to “God’s work.”
  2. Executives who worry about social media channels making it easier for employees to air dirty laundry should note that while amplified via blogs and tweets, Smith chose the New York Times Op-Ed column as his channel of choice – and major news media jumped all over it. This reinforces the point that to mitigate reputation risks you should spend more time on managing your reality than trying to control the airwaves.
  3. If what Mr. Smith says is true, it’s heartbreaking to think of how many smart, talented young people are being socialized to be so disrespectful and callous. Do their parents condone them working there? To repurpose the old country western song, “Momma, Don’t Let Your Babies Grow Up To Be Cowboys!”

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