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Saturday, 17th March 2012 at 7:37am
The content of this letter hit the news worldwide and soon became a social media talking point, at which point it took on a life of its own. From comic blog entries like this one called 'Oscar the Grouch Resigns' (from Sesame Street fame) to a plethora of entries across Pinterest.
This is a classic case of how just one employee can quickly damage the reputation of a business and how social media spreads the message at an exponential rate. Whether the employee was right or wrong is not for us to judge, however it does demonstrate why businesses should have crisis planning in place to quickly limit the potential damage of such an action. Social Media adds to the potential risk and businesses should be actively monitoring channels to ensure that they are aware of what is being said about them by customers, employees and the general public. A forewarned business is a prepared business.
It is frightening just how quickly the reputation of a business can be damaged through the posting of video content on social channels - remember the safety demonstration that turned out not to be so safe!
It is difficult to tell just how much this will damage the reputation of Goldman Sachs however in the short term it wiped $2bn off their market value - not a good day at the bank!