Shannon Stapleton / Reuters
Jamie Dimon, Chairman and CEO of JPMorgan Chase.
Investment bank JPMorgan tried, damage to Wall Street reputation on Thursday included tell not to seek employees benefit from rival Goldman Sachs embarrassment over a vitriolic resignation letter in the New York Times published.
Equity derivatives seller Greg Smith caused a firestorm over the banking sector on Wednesday with the letter, published a column and calling Goldman a 'toxic' place to work, where executives saw customers as "Muppets".
JPMorgan Chase & co CEO Jamie Dimon warned that employees in an internal memo not to the benefit of Goldman Sachs "alleged problems", Woo they focus on standards, not on the excitement stirred by Smith in which media and bloggers looking "Muppetgate" mentioned.
"I would like to make it clear that I here someone not always benefits from alleged problems of a competitor or Horensagen--search." It's not the way we do business, "Dimon said memo, from which a copy of Reuters was seen."
Dimon memo, employees in their email inbox waiting for Asia on Thursday morning, was global operating Committee of the Bank and later forwarded to larger parts of JPMorgan, said sources who have seen the memo.
JPMorgan declined comment.
London Smith, who worked for Goldman for almost 12 years called the Bank a "poisonous and destructive" place.
"It makes me sick how freely people talk about their customer rip off," he said in the letter. "" "In the last 12 months I have five different CEO stands for their own clients as"Muppets"."
The storm goes to the heart of the reputational crisis in investment banking, because public opinion began to blame the industry for his role in the banking crisis in 2008 brought the global financial system close to reduce.
"This could be just a disgruntled employee, but it does not comes with, if the industry is a great time, at a time," consultant said a senior mergers and acquisitions. "Franchise by things like these can be influenced," said this person.
Goldman said in its official opinion on Wednesday, the Bank did not agree with the views of Smith, "we didn't think that reflect the way we run our business."
With the entire industry in a brighter Spotlight since 2008, Goldman has faced a number of incidents that threaten, tarnish his image in particular.
Earlier this month a conflict accused for advice El Paso Corp. on sale at children Morgan, in which the Bank was a significant shareholder.
Sources at banks also Citi, Credit Suisse and Nomura said that they do not consciously credit Dimon were similar to their respective companies.
Disaffected
While Goldman Sachs is trying to downplay the Smith letter which company shares fell 3.4 percent in trading on Wednesday in New York and its impact has become a topic of discussion among its employees.
"There are people in the Office, have in any case", an Asia-based Goldman said Sachs traders wanted to not be called.
"It is amusingly honest because depend on the individual perceptions." For each something malicious about the company say a person has to find 10 others, who have a 180 (different degrees) view, "the dealer said.
Several former Goldman Sachs employees, which the company worked, before the initial public offering of the company said change culture after it was listed, as Smith claimed, raise earnings bankers increasingly under the gun.
"The culture definitely has changed since I was there," said developer SOHO China CEO Zhang Xin, before about 20 years at Goldman Sachs worked and is now a client of the company.
"Since the initial public offering is this pressure on the result," said Xin.
Two Goldman Sachs clients working on various hedge funds, both said that the criticism that layers apply equally Smith at Goldman Sachs corporate culture but to his rival.
"If customers want to start granting of business-to Nice, friendly banks, that would be great." But I don't think that will happen, "said an insider of the industry."
Copyright 2011 Thomson Reuters.
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