4 Lessons From The Goldman Sachs Resignation Letter

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For once, we have a Goldman Sachs resignation letter from someone who isn’t anoverworked first-year analyst. Circulating the interwebs today is this NY Times'op-ed piece from Greg Smith, a (now former) executive director for the storied investmentbank. In it, he details why Goldman has become a horrible place to work. Shockingrevelation: Goldman Sach’s culture is one big greedy get-rich-quick scheme(allegedly).Yes, the letter is about as self-indulgent as you’d expect aresignation letter from a banking executive to be (though his parents are undoubtedlyhappy he made the world aware that they raised the world’s third-best Jewish tabletennis player), and there’s no denying the hubris of using the NY Times asa resignation vehicle. But looking past that, this is not your typical “I was meantfor better things” resignation letter. In fact, this letter contains several lessonsthat apply to pretty much every man in the workforce, be they bankers or bartenders.I think this is the way most all of us dream of leaving a job we hate. Enraged,accusatory rants only make the employee seem disgruntled and incompetent, and boilerplate“I’ll always cherish the work I’ve done here” messages areultimately transparent clichés. No, you want to tell your bosses to f*ck off in themost dignified, articulate manner. He stumbled a bit by shoehorning his resume into thebody of the piece, but otherwise, nice work. Everyone should save this letter as atemplate for when they decide to leave a company they hate. He states his feelings andsupports them with examples of the way things should be. His superiors may be free todisagree with his beliefs, but there’s no arguing with manner in which he presentsthem.On a deeper level, Smith reveals a lot about the modern workplace and howeasy it is to become complacent, even as the world crumbles around you. Smith and otherssharing his views were and are afraid to speak out against Goldman’s decliningculture, leading to the (predicted) demise of the firm but, tangentially, mirroring thedeterioration of the U.S. economy as well. Every successful company, regardless of howlawless or derelict it may seem today, was founded on values that aligned with the bestinterests of its customers. If you speak out loudly enough about those values (even ifit’s as you make your exit), the right people will eventually notice. In a memoreleased today, Goldman’s top brass mentioned an internal survey that reinforced thefirm’s customer-focused culture. While the results of this company document wouldappear to contradict Smith’s perspective, companies typically don’t conductthose sorts of internal surveys unless they believe they have a problem.Theop-ed also brings to mind the concept of integrity, which isn’t something a lot ofpeople think about when it comes to work. Sure, you might serve your clients, but inpractice it’s more like “servicing” them (my parents will be so proud tosee that I worked a sex joke into a career article). While Goldman’s size andinfluence magnifies and simplifies the implications of poor customer focus, it’s notlimited to global investment banks. While companies pay us to do a job, consumers paythose companies for goods and services. When those goods or services suffer, the consumerwill go elsewhere because in this day and age, there are few if any industries completelyfree of competition. When that happens, the quality of the work you do matters little,because eventually there won’t be a company to do that work for. There is a directcorrelation between one's integrity as a worker and the long-term health and integrity ofone's firm.Finally, there’s one message that should resonate loud andclear with every person reading this: Don’t be afraid to leave a job you hate. Nomatter what kind of Kool-Aid the company tries to pour down your throat, no place isunique. If you don’t like the way your company does business,you can almost always find another one in the same industry. Remember, despite the waythings appear, people are the commodities and resources, not jobs. If you’re agenuinely good employee and can articulate that, someone somewhere is ready and willing tolure you away from a job you no longer believe in. Sure, it helps if you have the kind offinancial safety net Greg Smithprobably does, but all men, be they new college recruits or 20-year veterans, should havetheir resume at the ready should the right opportunity come knocking.Ifnothing else, Greg Smith will have plenty of time to work on his Ping-Pong skills. Continue Reading

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