Ex-Goldman Sachs (GS) Employee Smith Left After $1M Salary Request Denied
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Goldman Sachs (NYSE: GS) is higher on the session following reports on Bloomberg TV that the firm is firing back at a former employee following a much-publicized op-ed in March.
Greg Smith, who ended a 12-year stint at Goldman following the publication of the piece in the NY Times, is also slated to release a book about the firm later this month.
In short, Smith was trying to open up about some of the alleged "shady" practices at the 143-year-old Wall Street staple.
Today, Goldman said that claims by Smith were unsupportable. The firm conducted its own internal investigation following the March publication and subsequent fallout. CEO Lloyd Blankfein and President Gary Cohn issued a memo to employees following the write-up, lauding the workers while condoning the newspaper article.
Smith was said to be disappointed with his $500,000 bonus at the end of 2006 and also asked for a raise to $1 million in December 2011, which Goldman called "unrealistic." Goldman was making cuts at Smith's London branch as it was prepping to report the second-lowest profit it had in just over a decade of being a public company. Smith also though he was being promoted too slowly.
Shares of Goldman are up just under 1 percent Thursday afternoon.
Greg Smith, who ended a 12-year stint at Goldman following the publication of the piece in the NY Times, is also slated to release a book about the firm later this month.
In short, Smith was trying to open up about some of the alleged "shady" practices at the 143-year-old Wall Street staple.
Today, Goldman said that claims by Smith were unsupportable. The firm conducted its own internal investigation following the March publication and subsequent fallout. CEO Lloyd Blankfein and President Gary Cohn issued a memo to employees following the write-up, lauding the workers while condoning the newspaper article.
Smith was said to be disappointed with his $500,000 bonus at the end of 2006 and also asked for a raise to $1 million in December 2011, which Goldman called "unrealistic." Goldman was making cuts at Smith's London branch as it was prepping to report the second-lowest profit it had in just over a decade of being a public company. Smith also though he was being promoted too slowly.
Shares of Goldman are up just under 1 percent Thursday afternoon.
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