This past week, veteran Goldman Sachs employee Greg Smith submitted his resignation via the New York Times, due to the “toxic culture” that now permeates the organization. “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…. 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,” he said.
Smith’s resignation cost the company more than $2 billion.