The Goldman Sachs investigation into a former employee’s allegations that the bank’s culture is toxic has not found evidence to support the claims.

Goldman began the investigation last March after Greg Smith, a former derivative salesman published his resignation letter in the New York Times attacking the bank. The letter stated that bankers described clients as ‘muppets’ and did not look out for their interests.

The investigation, dubbed ‘the muppet hunt’ examined thousands of emails and found that 99% of references were about the film of the same name.

One email was found to refer to clients as ‘muppets’ but the investigation concluded it was part of an attempt to explain a trade rather than mislead a customer.

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