It makes me ill how people talk about ripping clients off': Goldman Sachs executive quits over firm's 'toxic' culture in extraordinary resignation letter

Executive director Greg Smith quits in open letter in the New York Times
  • Firm 'more interested in making money than the clients' interests'
  • Claims colleagues called clients 'muppets' and talked of 'ripping eyeballs out'
  • CEO and president say they were 'disappointed' to read the claims
  • Commentators suggest the conditions are commonplace on Wall Street
  • Friends describe South African-born Smith as 'an exceptional person'

A Goldman Sachs executive has dealt a deeply embarrassing blow to the firm by quitting in an open letter in which he lambasts the working environment as 'toxic and destructive'.

Greg Smith, an executive director who has worked at the New York-based investment bank for 12 years, claimed it is more interested in making money for itself than its clients.