Wall Street & Technology is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.


09:43 AM
Connect Directly

What Are Goldman Sachs' Clients Saying?

Who cares what one former employee said in a very public resignation letter? How are Goldman's clients reacting?

Greg Smith, the former Goldman Sachs employee who blasted the bank in a New York Times Op-Ed column this week certainly didn't have many kind things to say about the firm.

Smith's opinion, while it created a firestorm of controversy, isn't as important as what Goldman's clients are saying. Despite Smith's claim that executives at the firm commonly called clients "Muppets", some clients are coming to Goldman's defense. (As an aside, I'm sure Kermit, Miss Piggy, Gonzo and crew probably take offense at being compared to investment bank clients.)

For the record, Goldman Sachs quickly denied the allegations and took steps to control the fallout.

Anyway, at least a few Goldman clients who were contacted by CNBC stated that they felt the bank treated them fairly and Smith's comments don't change the way they feel about the investment bank. Then again, if you are a "Muppet" and have been possibly misled be your bank, would you actually go on record and say you have been fooled? Probably not.

Here is the complete clip from CNBC, which includes comments from Mark Lasry, founder of the hedge fund Avenue Capital:

Visit msnbc.com for breaking news, world news, and news about the economy

Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio

Register for Wall Street & Technology Newsletters
Exclusive: Inside the GETCO Execution Services Trading Floor
Exclusive: Inside the GETCO Execution Services Trading Floor
Advanced Trading takes you on an exclusive tour of the New York trading floor of GETCO Execution Services, the solutions arm of GETCO.