Greg Smith is lying. He was not an executive. He was one of thousands of VP’s. He was responsible for non-risk and non-client functions like appearing in the recruiting video and acting as a mentor or an intern liaison.
He was the head of dept that employed one person. He got stepped-over and is very bitter about it.
“Goldman Clients” is a term that covers a broad array products and support. the majority of GS clients know who reps them and know the product they are getting. I would suggest that all GS clients are covered or solicited by at least 2 or more GS competitors.
As a GS Client I can say that I know my product and my salesman as well as the type of service I expect from GS as well as their competitors.
In my business - I see hundreds of Greg Smith’s cry the blues when they get stepped-over by another person just like them. These are the breaks.
If you can’t take the heat, stay out of the kitchen.
RE: He was the head of dept that employed one person
According to the Telegraph:
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Greg Smith, a Goldman Sachs executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa.
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I find it incredible that such a department would employ only one person.
Goldman Sachs just fought back and called Greg Smith: “An Insignificant Peon With No Responsibilities”
So, what can I take from this?
A. Vice-Presidents are like flies at Goldman.
B. He is a peon who is the only employee in the derivatives business that he heads but that same division which spans Europe, the Middle East, and Africa.
The takeaway: Peons who are given the title of VP trade derivatives basically by themselves with little oversight. That pretty much explains everything.
Goldman has lots of business lines with only one guy on a desk........ covering all of EMEA !!
And of course, the honorable Senator/Governor Jon Corzine of MF Global fame used to be the CEO of Goldman Sachs...
Who would want to trust his money on such an operation?