Goldman Employee Criticizes Firm for Ripping Off Clients

A departing Goldman Sachs Group Inc. employee mounted an unprecedented public attack on its “toxic and destructive” culture in a New York Times opinion piece, becoming the first serving insider to openly criticize the firm.

Greg Smith, identified by the newspaper as an executive director and head of the bank’s U.S. equity derivatives business in Europe, will leave the firm after 12 years, blaming Chief Executive Officer Lloyd C. Blankfein and President Gary D. Cohn for losing hold over the firm’s culture. Executive directors are junior to managing directors and partners, the most senior rank.