Goldman Sachs boss defends firm's "toxic and destructive" environment

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Greg Smith, who headed Goldman's equity derivatives business in Europe, wrote to the New York Times saying it was common to hear talk of ripping off their "muppet" clients.

London-based Mr Smith said: "The environment now is as toxic and destructive as I have ever seen it."

Mr Smith quit, saying he could no longer work there "in good conscience".

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