It's morally bankrupt and calls clients 'muppets' says disgusted British-based Goldman Sachs executive as he walks out

Goldman Sachs was  subjected to a scathing attack by one of its own senior executives yesterday for its ‘toxic and destructive’ culture and ‘morally bankrupt’ staff. In a deeply embarrassing blow to the controversial investment bank, the London-based manager said he was quitting after 12 years because he could no longer work there ‘in good conscience’. Greg Smith claimed clients were branded ‘muppets’ and sidelined by senior directors who were more interested in making money for themselves. The disgruntled banker said: ‘I attend . . . meetings where not one single minute is spent asking how we can help clients. It’s purely how we can make the most possible money off them. It makes me ill how callously people talk about ripping off their clients.’ Writing in the New York Times, he added: ‘If you make enough money for the firm, and are not currently an axe murderer, you will be promoted into a position of influence.’ The open letter of resignation sent shockwaves through the world of finance. Last night Mr Smith, who was born in South Africa and won a scholarship to Stanford University in the United States, was being described as a ‘legend’ by friends on Facebook. One wrote: ‘Wow – courageous stuff Smithers!’ Another said: ‘I am very proud of you, Greg. You are showing the world their higher selves.’ But many comments on Twitter were less supportive with some tweeting: ‘Greg Smith isn’t a whistleblower, he’s just a Goldman Sachs executive having a midlife crisis.’