What Happened to Goldman Sachs: An Insiders Story of Organizational Drift and Its Unintended Consequences by Steven G. MandisThis is the story of the slow evolution of Goldman Sachs—addressing why and how the firm changed from an ethical standard to a legal one as it grew to be a leading global corporation.
In What Happened to Goldman Sachs, Steven G. Mandis uncovers the forces behind what he calls Goldman’s “organizational drift.” Drawing from his firsthand experience; sociological research; analysis of SEC, congressional, and other filings; and a wide array of interviews with former clients, detractors, and current and former partners, Mandis uncovers the pressures that forced Goldman to slowly drift away from the very principles on which its reputation was built.
Mandis evaluates what made Goldman Sachs so successful in the first place, how it responded to pressures to grow, why it moved away from the values and partnership culture that sustained it for so many years, what forces accelerated this drift, and why insiders can’t—or won’t—recognize this crucial change.
Combining insightful analysis with engaging storytelling, Mandis has written an insider’s history that offers invaluable perspectives to business leaders interested in understanding and managing organizational drift in their own firms.
Bailout Bank Bio: Goldman Sachs
Or, search all our articles with our Advanced Search. Goldman Sachs is a global bank holding company that works in investment banking, securities and investment management. It was founded in and made its name for its pioneering work in the use of commercial paper for business entrepreneurs. It joined the New York Stock Exchange in Last September, Goldman Sachs went from being one of the largest and most profitable U. Considered a titan on Wall Street, Goldman has not been immune to the credit crunch and has had to eliminate thousands of jobs.
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Still, the stock soared on the news as investors, fearing the worst, were soothed by the fact that the loss wasn't even bigger. Few analysts were expecting the company to maintain its impressive run given the recent market turmoil in the credit and stock markets and the upheaval in the nation's financial services sector. The results were worse than expected. Investors had feared that the firm's results would exceed even the worst expectations. Also providing some comfort to investors was the bounty of capital the company had on hand at the end of the quarter. The company's Tier 1 capital ratio, a key measure of a bank's ability to absorb losses was The company, known for paying its employees handsomely, also revealed Tuesday that expenses related to compensation and benefits were nearly cut in half during the quarter from a year ago.
The Goldman Sachs Group, Inc. It offers services in investment management , securities, asset management , prime brokerage , and securities underwriting. The bank is one of the largest investment banking enterprises in the world,  and is a primary dealer in the United States Treasury security market and more generally, a prominent market maker. Goldman Sachs was founded in and is headquartered at West Street in Lower Manhattan with additional offices in other international financial centers. The investment was made in November and was repaid in June Former employees of Goldman Sachs have moved on to government positions. Notable examples includes former U.