Goldman Sachs would like to tell you why Greg Smith quit, preferably before Monday when his new book "Why I Left Goldman Sachs" will also tell you.
Smith left because he wanted too much, according to an internal Goldman investigation, the conclusions of which were released to Bloomberg TV Thursday. Smith, the probe found, had asked his managers to double his pay to more than $1 million and promote him to managing director, but the firm denied both requests in the weeks before he left, Bloomberg TV reports. The bank recently ended its internal probe into Smith's allegations and gave select documents from its investigation to Bloomberg TV.
A Goldman Sachs manager wrote in a January email obtained by Bloomberg TV that "Greg Smith [is] off the charts unrealistic." Smith resigned two months later.
Smith's resignation came in the form of a now famous March op-ed in The New York Times, in which he blamed his decision to step down on the firm's "toxic and destructive" culture. Shortly after the NYT published the op-ed, Smith landed a $1.5 million advance for a book detailing his time at Goldman.
Smith didn't show any signs of dissatisfaction with Goldman's culture until a meeting with a partner at the firm on March 12, two days before his NYT op-ed was published, according to Bloomberg TV. In fact, Smith gave his colleagues an average score of a 9 -- the highest score possible -- for "culture and values" in his most recent performance reviews, the Financial Times recently reported.
Last year may have been a bad time to ask for such a big salary bump, since it was a time marked by disappointing earnings that resulted in smaller bonuses and layoffs at big banks, including Goldman Sachs.
Earlier on HuffPost:
1. Comparison shop
Make a list of the fees and rates at your current bank, then look at what others have. Start with our rates page, where you can compare <a href="http://www.moneytalksnews.com/rates/" target="_hplink">interest rates</a> on checking accounts, money market funds, savings accounts, mortgages, and other loans. But don't forget to factor in other conveniences, like hours and the proximity of branches. Don't overlook <a href="http://www.moneytalksnews.com/2010/09/30/7-reasons-you-should-join-a-credit-union-this-week/" target="_hplink">credit unions</a>, either. They often offer higher savings rates and lower loan rates than the megabanks. Search for them at the <a href="http://www.creditunion.coop/" target="_hplink">Credit Union Association</a> site.
2. Negotiate with your current bank
If you have a mostly happy history with your current bank, take the best offer from your comparison shopping and throw it back at them to see if they'll cut you a break on fees or hike your savings rates. As a longtime customer, you have a little leverage.
3. Get a "switch kit"
If you do decide to leave, ask your new bank or credit union for a "switch kit." These often come with step-by-step instructions, contact info, and forms to transfer services like direct deposits and automatic payments. But even so, <a href="http://defendyourdollars.org/press_release/cu-report-switching-banks-hard-for-consumers" target="_hplink">Consumers Union says</a>, "Re-routing automatic payments and deposits into a new account can take four to six weeks."
4. Don't close the old account yet
You may be in a rush to conclude business with your old bank, but it's important to make sure your transition is seamless - missing payments, misplaced deposits, or delays can end up costing you. Leave a cash cushion to cover payments you may have forgotten. Wait three months to close the account completely, or at least until you're absolutely sure all's well. If there are fees associated with transferring your balance - Consumers Union says to expect "$7 to $10 for certified checks and from $24 to $30 for a wire transfer" - you might skirt them by moving money gradually, withdrawing up to allowed limits and depositing the cash to the new account. Using cash more frequently than plastic can also help.
5. Watch the new account
Keep a keen eye on your new account, checking it daily for the first few weeks. Be sure all your regular deposits are coming in and all your bills are being paid from the proper account. You also want to get familiar with your new bank's quirks, like how long deposits take to clear and how it lists your balances and transactions, to avoid trouble.
Make sure you go over all the paperwork relevant to your new account, so you don't get tripped up by processes that differ from your old bank, hidden fees, or upcoming changes. And keep a list of these, since you may want to re-evaluate your new bank sooner rather than later - especially if the government actually does make it easier to switch. Beware of switching again too soon: Consumer Reports says several banks charge $25 fees for closing within the first six months.