Goldman Sachs executive director's fierce farewell

Just in case you thought all was well in the international banking sector, a letter appearing in the New York Times by a departing Goldman Sachs banker would soon cause you to think again.

An executive director, leaving the firm, launches a furious attack on the culture of what's normally considered the world's most powerful and best investment bank, accusing it of having completely lost touch with what is best for its clients, and more or less any sense of morals.

He writes, "It makes me ill how callously people talk about ripping their clients off. " And details how Goldman bankers are encouraged to sell products to clients that they are "trying to get rid of", whether or not they are the right thing for their clients.

The link to the full letter is here and it is well worth a read.

It is not just a hit to the reputation of Goldman Sachs itself. But a reminder that while this kind of attitude is displayed at even one bank, it will be difficult for the industry itself to rebuild any trust with the public, and almost impossible to restore its reputation. It will be fascinating to see if Goldman issues any kind of response.