In the Capitalist’s experience, investment bankers are generally only too willing to pounce on their rivals’ bad fortune, especially when the bank in question happens to be the one they all love to hate, Goldman Sachs.
But yesterday JP Morgan Chase’s chief executive Jamie Dimon urged employees of his bank not to take advantage of Goldman’s problems relating to a disaffected worker who has very publicly alleged that his employers until earlier this week have somehow lost their way in the quest for short-term profits.
“I want to be clear that I don’t want anyone here to seek advantage from a competitor’s alleged issues or hearsay -- ever. It’s not the way we do business,” Dimon said in an email sent around the firm.
Dimon’s memo came after London-based Gregory Smith, who had worked for Goldman for almost 12 years, called the environment at the bank toxic and destructive in a piece for the New York Times newspaper.
Some might say the memo came a bit late. The Capitalist’s in-box was full on Wednesday of emails from rival bankers revelling in Goldman Sachs’ latest misfortune just hours after Smith’s attack on the firm was published.