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IEPlus: "Why I Left Goldman Sachs" memoir won't shock the audience, says the bank

  • By: Chiara Albanese
  • 19 Oct 2012
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gregsmith

"Why I Left Goldman Sachs," the memoir by former Goldman Sachs' employee Greg Smith which will hit the shelves on Monday, will offer few confidential details on the bank's internal routines, according to senior officials at the firm.

Despite Goldman Sachs worries about confidential details which could be leaked by the book authored by Smith (pictured), a midlevel executive and trader who left the bank in March publishing allegations against the firm in a New York Times Op-ed page article, the book will not shock readers with details of the "toxic" culture that Smith attacked in his editorial.

According to a spokeperson at the bank interviewed by the New York Times, reading the book has been a relief, as Smith refers to fraud cases which are already in the public domain.

He also describes his career path within the firm, up to the role of head of the US equity derivatives business in Europe, the Middle East and Africa.

He also refers of disputes between associates over bonuses, assigned by partners on arbirtary basis.

Goldman Sachs released yesterday documents detailing how Smith was denied a promotion and a salary raise before he decided to leave.

According to press reports, Grand Central Publishing, a division of the Hachette Book Group, offered Smith an advance of close to $1.5m.

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