Why I Left Goldman Sachs: A Wall Street Story - A Book Review
If you are interested in learning more about the inner workings of Wall Street and the finance industry, you might want to read Why I Left Goldman Sachs: A Wall Street Story by Greg Smith. This book is a memoir of Smith's 12-year career at Goldman Sachs, one of the most prestigious and influential investment banks in the world. Smith reveals how he rose from a summer intern to a vice president and head of the U.S. equity derivatives business in Europe, the Middle East, and Africa. He also exposes how the culture of Goldman Sachs changed over time, from a client-focused firm that valued integrity and teamwork, to a profit-driven machine that exploited its clients and employees.
Smith's book is based on his famous op-ed piece that he wrote for The New York Times in 2012, titled \"Why I Am Leaving Goldman Sachs\". In this piece, he announced his resignation and criticized the firm for losing its moral compass and becoming a \"toxic and destructive\" place. He accused the senior management of encouraging unethical behavior and fostering a culture of greed and self-interest. He also claimed that some of his colleagues referred to their clients as \"muppets\", implying that they were easy to manipulate and deceive.
Smith's book provides more details and examples of his experiences at Goldman Sachs, as well as his personal background and motivations. He describes how he grew up in South Africa and dreamed of working on Wall Street since he was a teenager. He recounts how he impressed the recruiters at Goldman Sachs with his passion and intelligence, and how he was mentored by some of the best traders and bankers in the industry. He also shares some of the highs and lows of his career, such as making millions of dollars for the firm, traveling around the world, meeting celebrities and politicians, but also facing stress, pressure, competition, and betrayal.
Smith's book is not only a fascinating insider's account of Wall Street, but also a cautionary tale of how a great institution can lose its way and harm its reputation and stakeholders. Smith argues that Goldman Sachs needs to restore its core values and principles, such as putting the clients' interests first, acting with honesty and integrity, and fostering a culture of excellence and collaboration. He also offers some advice for aspiring bankers and investors, such as choosing a firm that aligns with your values, being loyal to your clients and colleagues, and having a sense of purpose beyond money.
Why I Left Goldman Sachs: A Wall Street Story is a compelling and insightful book that will appeal to anyone who wants to learn more about the finance industry and Wall Street, as well as anyone who values ethics and leadership in business. You can download a PDF version of this book from Google Books[^1^] or read a summary from Goodreads[^2^]. a474f39169