He may not have written a scathing op-ed in The New York Times, but Joe Nelson, another Goldman Sachs defector is still looking to make good use of his post-firm life.
After leaving Goldman's London offices, Nelson launched his own condom company that aims to revolutionize safe sex by providing custom-fit condoms, Reuters reports. Nelson's company, TheyFit, provides customers with a "fit kit" that allows them to determine their size via a number and letters system. The Reuters video features a demonstration that channels your favorite middle-school health class, complete with a cucumber, carrot and banana.
But it wasn't just the dream of providing men with the perfect fit that pushed Nelson to leave Goldman; the changed perception of the company post-crisis also had an influence.
"You went from telling people quite proudly that you worked for Goldman Sachs, the number one investment bank in the world, to perhaps being a bit more cautious and saying you work in finance," Nelson told Reuters.
Goldman has faced a firestorm of criticism recently for its actions both before and after financial crisis. On Wednesday, Greg Smith, a former Goldman vice president, resigned from the bank via an op-ed in the NYT in which he criticized Goldman's "toxic" environment and profit-driven motives.
As pay cuts and layoffs loom, more bankers may follow Nelson and Smith's paths and jump ship -- albeit not so dramatically. Two former Merrill Lynch bankers started a clothing website that combines e-commerce wtih social networking after leaving the bank. They're not alone; experts say that bankers are increasingly defecting from Wall Street to start businesses of their own.
And rumors of a noxious culture on Wall Street may be keeping some recent college graduates from taking jobs at big banks all together. Many top graduates of prestigious universities -- once assumed to be a sure bet to end up on Wall Street -- are increasingly opting for other industries, the NYT reports.