JPMorgan won't pile in on Goldman's misery
Most market watchers will be aware by now of the open letter sent to the New York Times on Wednesday by former Goldman Sachs banker Greg Smith. It accused his former employers of contempt for clients.
Most market watchers will be aware by now of the open letter sent to the New York Times on Wednesday by former Goldman Sachs banker Greg Smith. It accused his former employers of contempt for clients.
The middle-ranking equities salesman said senior staff often referred to clients as "muppets" and used phrases like "rip their eyeballs out".
For a company at which reputation matters so much, this was an earthquake. It now appears, however, that at least one of their rivals, JPMorgan, is not looking to cash in on Goldman's misery.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The Financial Times reported that JPMorgan's long-standing Chief Executive, Jamie Dimon, emailed his executive committee saying "I don't want anyone here to seek advantage from a competitor's alleged issues or hearsay - ever".
Dimon no doubt believes what he wrote. But there might well be concern in the investment banking industry that the reputational damage from Wednesday's letter will extend to the investment banking industry as a whole.
People might be thinking Goldman is not uniquely ruthless but Mr Dimon wants to be clear: nothing could be further from the truth.
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Review: Eden Roc Cap Cana – fun, sun and golf in the Caribbean
Travel Eden Roc Cap Cana in the Dominican Republic offers everything from relaxing by the pool to a world-class golf course
-
Reeves delays cash ISA reform, but savers are not out of the woods yet
The chancellor has reportedly delayed plans to cut the cash ISA limit, which were set to be announced at Mansion House on 15 July, and will take more time to consult with the industry