Goldman Sachs Exec Quits, Claiming Firm Is Morally Bankrupt

David Schepp
Greg Smith Goldman Sachs quit
Greg Smith Goldman Sachs quit

In what may become a textbook example of how to burn a career bridge, a soon-to-depart Goldman Sachs employee has sounded off in an op-ed in The New York Times, warning that the investment bank's culture is little more than a toxic stew of greed that bears little resemblance to its once illustrious past.

Greg Smith (pictured), who serves as head of the firm's U.S. equity derivatives business in Europe, is leaving the firm today after 12 years with the Wall Street icon. As Smith writes, his departure is being driven by what he says is a shift in leadership style that no longer places clients' interests ahead of the firm's.