Goldman’s ‘Change in Culture’ Hurts Clients, Greenberg Says

Thursday, 15 Mar 2012 10:02 AM

 

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Maurice “Hank” Greenberg, the former chairman of American International Group Inc. said Goldman Sachs Group Inc. had a “change in culture” that made the bank less responsive to clients.

“You didn’t have investment bankers running the firm, you had traders running the firm” after Goldman Sachs went public, Greenberg told Bloomberg Television’s Betty Liu today in an interview on the “In the Loop” program.

“And a trader has a short-term memory, and a short-term look at things, and that change really has changed the culture of Goldman Sachs. It is not the Goldman Sachs that represented companies as an investment banker.”

 

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