Joining a growing chorus of criticism, one of Europe’s largest asset managers lashed out at Goldman Sachs Group Inc for not communicating quickly enough with clients after ex-banker Greg Smith publicly condemned the way the bank treats clients.
APG, a Dutch investment adviser that runs 300 billion euros ($ 290 billion) of assets for more than 4.5 million people in the Netherlands, said it was surprised it took the Wall Street bank more than a day to offer APG any reassurance on points raised in Greg Smith’s resignation letter.
“We would have expected that a company that faces such a big media backlash over something so core to their business such as client trust would have instantly reached out to those clients to say something,” APG spokesman Harmen Geers told Reuters.
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