Big news for the financial community! The long-awaited book from former Goldman Sachs (NYSE:GS) vice president, Greg Smith, is being released today. Smith originally hit the newswires after writing a scathing op-ed in The New York Times, publicly resigning from Goldman and criticizing the investment bank for losing its way and abandoning its once well-regarded culture.
This could be a big deal for the investment community. In the investment banking world, Goldman Sachs has to compete tooth and nail with peers like Morgan Stanley (NYSE:MS), Merrill Lynch (NYSE:AMO), and JPMorgan (NYSE:JPM) to get the best and most talented folks available.
Goldman has been on the offensive recently, rebutting Smith's claims. The bank noted that Smith was disgruntled about the fact that he had been passed over for promotion multiple times and got a bonus that he wasn't happy with.
Anand Chokkavelu, CFA owns shares of JPMorgan Chase. Fool contributor Matt Koppenheffer owns shares of Morgan Stanley. The Motley Fool owns shares of JPMorgan Chase. Motley Fool newsletter services recommend Goldman Sachs. Try any of our Foolish newsletter services free for 30 days.
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