The Other Side of the Banker Who Quit Goldman

by Nate Wooley | October 19, 2012 3:07 pm

Former Goldman Sachs (NYSE:GS[1]) executive Greg Smith –¬†who famously quit Goldman Sachs while accusing the firm of stealing from clients — might not have been as noble as he portrayed himself.

As documents released by Goldman Sachs[2] this week show, Smith wasn’t in high standing at the firm in the weeks before his public departure.

Two months before his exit, Smith was denied a raise he thought he deserved and also was denied a promotion for which he’d asked. Smith’s requests came during a year where Goldman Sachs reported its lowest profit numbers in 10 years and had let go more than 10% of its work force. The London office, where Smith worked, had been told raises would be down significantly.

The information released about Smith comes from an internal review of Smith and Goldman Sachs ordered by CEO Lloyd Blankfein in the wake of Smith’s departure. The firm said it wished to know the cause of Smith’s unhappiness.

The new information comes from Goldman Sachs as Smith’s memoir, Why I Left Goldman Sachs, is set to be released. The book, published by Grand Central, will be available Oct. 22.

More on Goldman Sachs:

Endnotes:
  1. GS: http://studio-5.financialcontent.com/investplace/quote?Symbol=GS
  2. As documents released by Goldman Sachs: http://www.bloomberg.com/news/2012-10-18/greg-smith-quit-goldman-after-unrealistic-pitch-for-1m.html
  3. Goldman Sachs Beats Profit, Revenue Forecasts: http://investorplace.com/2012/10/goldman-sachs-beats-profit-revenue-forecasts/
  4. Goldman’s Money-Minting Days Are Over: http://investorplace.com/2012/10/goldmans-money-minting-days-are-over/
  5. Goldman Sachs CFO Viniar Retires; Successor Named: http://investorplace.com/2012/09/goldman-sachs-cfo-viniar-retires-successor-named/

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