Much will be written about Greg Smith’s extraordinary resignation letter from Goldman Sachs, not least because it’s published in today’s New York Times.
Our take? Smith’s words made the best business case for compliance we’ve ever heard.
Although he was talking about bad changes at his investment bank and the short-term greed that now dominates the culture there, his warnings went far beyond Goldman.
It astounds me how little senior management gets a basic truth: If clients don’t trust you they will eventually stop doing business with you. It doesn’t matter how smart you are.
That’s it. Act dirty, and soon you’ll fail.
The business case for compliance made simple.
Well said, Greg Smith.