Nick Smith, Living Group

Goldman Sachs doesn’t have a communications problem, it has an infection control problem. And it isn’t alone in banking. In all these cases the infection is being spread by the investment banking divisions. By not placing their investment banking teams in an isolation ward, these firms are putting at risk their brand equity and the good work that is being performed by the majority of their people. According to Goldman’s website, 85% of its 30,000 people responded to their recent ‘People Survey’. I’d hazard a guess in which division the remaining 15% work.

Dominic Shales, Paratus Communications

Goldman Sachs is a magnetic company that stirs emotions: hate, envy, approval, all of them in equal measure. Their corporate communications task is a delicate one: theh have to deflect negative incidents while simultaneously layering up the positives, hopefull by enough to more than balance them out. My view is that Goldman Sachs needs to stick to its guns over these particular accusations, which it has done robustly. At the same time, the management could underline their confidence in the company’s culture by promoting existing employees (of all levels) as ambassadors for the company through owned and earned channels.

John Deverell, Keyhaven

The most serious issue for Goldman’s reputation and practice is Smith’s allegation that the bank knowingly sells second-rate financial products. This flies in the face of Goldman’s first principle on its website, namely: “Our clients’ interests always come first”. Smith’s allegation is mild in comparison with others the company has faced previously. GS’s market position is extremely strong: initial share price reactions hardly amount to a blip. But further revelations could conceivably tip the balance. So GS needs to find ways of reassuring the market that it really does abide by its principle of looking after clients’ needs rather than its own. As for JP Morgan’s instruction to its employees that they don’t profit from the situation by poaching clients from Goldman: sounds good, but is unlikely to reflect reality in this competitive sector. One to watch.

Abigail Smith, thebluedoor

Greg Smith’s chosen method of resignation, albeit dramatic, illustrates well the power of employee as ambassador – or detractor. Every business needs to wake up to the power that employees hold in their hands, not least thanks to modern media, but also if they have access to the decision making and cultural nuances of the business. There’s nothing like a whistle blower to give a story credence. Smith single-handedly elevated brand damage to a new height with his letter. GS needs to make bigger waves to redress the balance for the foreseeable future - although one wonders how much noise Smith made whilst in a position to influence GS on the inside.

Martin MacConnol, Wardour

It’s a cliché in banking circles that ‘Silence is Goldman’. So the fact that Smith chose to go public at all is a sign that something in the current culture isn’t working. It’s therefore key for the bank to get back the internal initiative and to set out what it does stand for to its teams. And external damage? Money talks. Goldman is still the big beast and if it can demonstrate to clients that its approach works fiscally, they’ll shrug off this mid-ranker’s moaning with the help of some top-level reassurance. They’d be muppets not to.