Article

MUST Read for Leaders! I Have A New Business Hero

Written by By Team Broughton

Topic: EntrepreneursPublished March 16, 2012

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March 14, 2012

Today’s Op-Ed piece in the New York Times by Greg Smith, who is resigning today as a Goldman Sachs executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa, has simply blown me away. I may have a new business hero! If you ever wanted an explanation of why corporate culture is so vital to the organization’s success, read on. No matter the size or nature of your organization, this truly is a “must read.”

rnWhy I Am Leaving Goldman Sachs

By GREG SMITHrnPublished: March 14, 2012

TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it.rnTo put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. Goldman Sachs is one of the world’s largest and most important investment banks and it is too integral to global finance to continue to act this way. The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for.

It might sound surprising to a skeptical public, but culture was always a vital part of Goldman Sachs’s success. It revolved around teamwork, integrity, a spirit of humility, and always doing right by our clients. The culture was the secret sauce that made this place great and allowed us to earn our clients’ trust for 143 years. It wasn’t just about making money; this alone will not sustain a firm for so long. It had something to do with pride and belief in the organization. I am sad to say that I look around today and see virtually no trace of the culture that made me love working for this firm for many years. I no longer have the pride, or the belief.

READ MORE by clicking here. You will be taken to full article at NYTimes.com

Article author

About the Author

Larry Broughton, CEO & Co-Founder of Broughton Advisory Group (and VICTORY Success Strategies, a division of Broughton Advisory Group), former US Army Staff Sergeant, serving 8 years on Special Forces A-Teams (commonly known as the Green Berets). Larry took the lessons learned from his time in service to his country and applied them to the business world.

Phil Dryer, Chief Visionary & Co-Founder of Broughton Advisory Group (and VICTORY Success Strategies, a division of Broughton Advisory Group), West Point graduate, and former Army Captain. After serving on active duty, Phil enjoyed highly successful “duty assignments” in corporate sales for a Fortune 50 company, as a fee-only financial planner and as a national financial educator for a major military association. Over the last 15 years, Phil has counseled hundreds of entrepreneurs and thousands of transitioning military service members on financial, tax and success strategies.
Jessica Eaves Mathews, a multi-passionate entrepreneur and teacher, is America’s Advocate for Women in Business™, business lawyer, published author, speaker, busy CEO and leading authority on helping women entrepreneurs step into their power and create a brilliant business without fear and without undue risk to their assets or hard work.

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