If proof were needed of how much the world has changed for banks, this week brought two pieces of evidence. Before the crisis a resignation letter from a relatively junior banker would not have made it to the op-ed pages of the New York Times. This week Greg Smith's cri de coeur about the culture of Goldman Sachs went viral. Mr Smith lambasted the firm for a decline in its moral fibre. He cited meetings where no one talks about how to help clients, or "muppets" as they are apparently known to some within Goldman. Over the years Goldman has been able to navigate quietly around its problems. Now every disgruntled employee has a platform.
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