8. Goldman Sachs

Goldman Sachs was once known as the smartest bank of the world, but in March 2012, it hit the headlines for all wrong reasons when its London-based executive director Greg Smith wrote a resignation letter in the New York Times, accusing the bank of having a “toxic and destructive culture towards its clients”. In the resignation letter, Greg Smith wrote “After almost 12 years at the firm…… I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity.” He accused the bank’s staff of referring to clients as “Muppets” behind their backs, and said “it makes me ill how heartlessly people talk about ripping their clients off.” Chairman and chief executive Lloyd Blankfein spoke to media soon after to repair the damage, but the letter correspond a serious blow to the bank’s reputation.

(Source: Business Insider)

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