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Goldman allays fears over "muppet" letter

posted 16 Mar 2012, 13:29 by Mpelembe   [ updated 16 Mar 2012, 13:29 ]

Goldman Sachs Chairman of Asset Management Jim O'Neill offers his take on a damning resignation letter from a former employee of the firm.

REUTERS  - Goldman Sachs Chairman of Asset Management, Jim O'Neill has responded to claims by a former trader at the investment bank that the firm referred to their own clients as "muppets".

Greg Smith, who worked in equity derivatives in London, wrote a resignation letter that appeared in the New York Times. He said Goldman Sachs was a "toxic" place to work.

Goldman Sachs did issue a short statement in response.

"We disagree with the views expressed, which we don't think reflect the way we run our business. In our view, we will only be successful if our clients are successful. This fundamental truth lies at the heart of how we conduct ourselves."

In an interview with Reuters, Jim O'Neill said "it's very important for me to emphasize that our role as asset managers is a fiduciary responsibility to our clients. It's a legal obligation so it's pretty clear what our purpose is."