Case Study 10.2 LeavingGoldman Sachs

Student’s Name
Professor’s Name
Course
Date
Leaving Goldman Sachs
When Smith Greg joined Goldman Sachs, there were already ethical issues at the company in that they focused more on making a lot of money on client satisfaction. In ethical business, the client comes first, and at Goldman’s, the money came first before a client was satisfied. The company had integrity and transparency issues as part of their culture. Additionally, conflicts of interest were one major ethical issue Goldman Sachs had. The interests of the clients were significantly sidelined by the company (Smith A27).The message sent to interns was that they could become managers as early as 28 years; thus, encouraged them to work hard at the company and restricted entry of interns past 28 years of age. I would not want to work at the bank because I believe that I will not grow sufficiently knowing that the company I work for manipulates its clients (Smith A27). The cultural shift from long-term to short-term gains would have been prevented at Goldman Sachs by the management. This could have been prevented by focusing on fulfilling the client’s needs firsthand and not tricking them on their own bets.
Goldman Sachs had an obligation to serve its clients first and not capitalize on the client’s situation. Thus, clients should not accept a lesser treatment from the company. I do not think it is ethical for Greg Smith to submit a letter to New York Times and blast Goldman Sachs because as a leader and a former employee, finding the right way to expose the company is good as it goes against confidentiality of the company.

What he could do is enlighten the clients through advice and other ways. Yes, the company CEO and president doubt Smiths description of Goldman’s toxic culture because they have not reviewed it but based on pride than other values. Hence, they doubt that Smith is doing this to harness the company’s reputation (Smith A27).

Work Cited
Smith, Greg. “Why I Am Leaving Goldman Sachs.” The New York Times, The New York Times, 14 Mar. 2012, p. A27, www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html.