A former colleague of Greg Smith, the ex-Goldman Sachs banker who this morning wrote an open letter to The New York Times criticising the "toxic and destructive" culture at the bank, has told Financial News that it is unlikely Smith will ever work in finance again.

In his letter, Smith accused Goldman Sachs of putting corporate greed ahead of its clients: "After almost twelve years at the firm...I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it."