Derivatives blamed for Goldman Sachs' 'toxic' culture


Goldman Sachs' "toxic" culture is a result of derivatives, according to industry insiders.

The comments come in response to a letter posted on the New York Times website today by Greg Smith, head of Goldman Sachs' US equity derivatives business in Europe, the Middle East and Africa. Smith has resigned from his post, citing the bank's "toxic and destructive" culture as the reason for his decision.

Gunther Helbock, head of operational risk at Austrian bank UniCredit, believes this culture has

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