Organization Culture at Goldman Sachs
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Case Details:
Case Code : HROB070
Case Length : 16 Pages
Period : 1999-05
Pub Date : 2005
Teaching Note : Available
Organization : Goldman Sachs
Industry : Investment Banking
Countries : USA
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"Everyone here is committed to a level of excellence and
going the extra mile in a way that I've never seen at any other organization."1
- Suzanne Nora Johnson, Managing Director, Global Investment
Research, Goldman Sachs in 2005.
"At Goldman Sachs, culture is a key issue since the
company is essentially a 'bunch of people' that does not produce a concrete
product."2
- Steffen C. Landauer, Managing Director and COO, The Pine
Street Development Group, Goldman Sachs in 2003.
Introduction
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In 2005, Goldman Sachs Group Inc. (GS) was one of the leading merchant banking
and securities firms. It provided services to corporations, financial
institutions, governments, and high-net worth individuals in three segments -
Investment Banking, Trading and Principal Investments, and Asset Management and
Securities Services (Refer Exhibit I for details).
The company, founded in 1869, was successful in all the businesses it operated.
This success could be attributed to its culture, which proved to be a source of
competitive advantage for the firm.
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"Our firm's culture is the most sustainable competitive advantage that we
have. I also believe that we have the best people, but the magic is the
combination of outstanding people and a strong culture," said Bill Buckley,
Former Managing Director and Former Co-Head, Private Client Services, GS.3
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GS also attracted media headlines because of the money the company's
top management made.
When GS made a US$ 2.6 billion pretax profit in 1993, UK-based
newspaper, The Guardian, remarked, "What's the difference between
Tanzania and Goldman Sachs? One is an African country that makes US$
2.2 billion and shares it among 25 million people.
The other is an investment bank that makes US$ 2.6 billion and
shares most of it between 161 people."4 |
Organization Culture at Goldman Sachs
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