The internet was abuzz this week about former Goldman Sachs employee Greg Smith’s op-ed in The New York Times, “Why I am Leaving Goldman Sachs”, about the “toxic” culture at the New York investment bank, characterizing it as self-interested, lacking humility and money-first. (If you’ve been in coma and missed the story, see the animated version in the video, above, by Taiwanese animation studio NMA.tv.)
How does the culture of New York’s financial institutions compare to the culture of financial institutions in Baltimore?
We asked a few Baltimore financial types to give us their view, anonymously, of course. (They’ve seen the beating Greg Smith’s reputation has taken since he fired off his missive a little more than 48 hours ago.) You’ll be glad to know, though we may not have anyone taking home tens of millions in pay like Goldman CEO Lloyd Blankfein — whose 2006 compensation package was over $54 million — we don’t have the grotesque culture that goes along with it either, they said.
“Maintaining culture in a company is an everyday, 24/7 commitment,” said one T. Rowe Price veteran. “It comes from the top and if the leadership does not push it, it erodes.”