JPMorgan chief warns staff not to "seek advantage" from Goldman PR storm Goldman has been battling to contain reputational damage since Greg Smith, a former derivatives expert who worked in London, accused the bank of having a "toxic culture" in an article in the New York Times yesterday. Shares in the bank, long considered Wall Street's most prestigious, declined just over 3pc yesterday as the fall-out from the letter dominated Wall Street. "I want to be clear that I don't want anyone here to seek advantage from a competitor's alleged issues or hearsay - ever," Mr Dimon wrote in a memo to employees, according to Reuters. It's not the way we do business. Mr Smith, who had worked at Goldman for more than a decade, said in the resignation letter that doubled as an opinion piece in the newspaper, that "it makes me ill how callously people talk about ripping off their own clients." Goldman's chief executive Lloyd Blankfein has rebutted Mr Smith's description of the bank, arguing that it does not reflect "how the vast majority of people at Goldman Sachs think about the firm and the work it does on behalf of our clients." Goldman has proved a lightning rod for criticism of Wall Street since the financial crisis. In 2010, the bank paid a $500m fine to the Securities and Exchange Commission to settle allegations it misled customers over the sale of mortgage-backed bonds. Some on Wall Street put the scrutiny Goldman has received down to the relative success the bank has enjoyed since the financial crisis. Unlike most of its competitors, the bank anticipated the collapse in America's mortgage market. Given the competition between banks on Wall Street, Mr Dimon's call may be treated with scepticism by some. JPMorgan could not be reached for immediate comment on the memo.