The Wall Street Journal has a new efforts Goldman report to rebuild damaged brand. The problem, of course, is that this is sure to be an exercise of brand and marketing, not a plan to make fundamental changes.
And why? Goldman, even with heat he received and the fines, it paid, is still a profitable business dramatically.The cost of his, um, irregularities are considerably less that the evil gotten.Il gains is therefore no reason cabinet perspective, do nothing more than damage containment.
Also important that Goldman is a culte.Je say that as a former employee, based not only on my experience there are a lot of time (boy, I am getting old, more than 25 years ago), but also the reports I get recruits and I can only infer from press articles. If the company became more research entering over the years
The population think honestly working Goldman is higher vocation (weird-sounding Blankfein "make work of God" Note resonated probably in the company) and something else is a fall from grace. Seriously. People who exit Goldman generally take a year or two to get top belief deeply instilled this departure = failure (this is not my own response;) I had a number of volunteer men who me).Similarly, the first person I met in Goldman, was through personal contacts, was clearly that he was stuck in his career, his boss was too close to her age) said that he could possibly work for another entreprise.Ce is evaluated tradeoffs and decided, on balance, it is better to stay; It has literally my psychologically the idea of starting. This kind of deep indoctrination was not at all unusual.
And people who succeeded not to absorb the Kool-Aid were viewed with some suspicion. I left as someone with enough junior.la only reason why I remember is a woman of investment banking in the beginning of the 1980s is a scarce commodity.Someone retrieves my years reputation after my departure said that the Party on my line was "she could partner, but we had to break his."
Cults are wonderfully effective forms of organization .Goldman succeeds in maintaining productivity real destroyer on Wall Street, internal maneuvers, at a minimum (in the ranks of partner) and still more blind extract is obtained elsewhere on street devotion.
But this means simply that Goldman is a particularly well settled machine. And as financial stress strong bad behavior have been eroded by cultural variations in industry (the high importance of trade), culture in General (more widespread acceptance of thinking "can do") right to the end of the partnership model (who recognize their downside risks company leadership), this machine has increasingly turned ends socially destructive.
The Wall Street Journal:
Goldman Sachs Group Inc. takes its first not to change the way he case after that he survived severe and paid reviews a 550 million fine in his actions before and during the financial crisis.
Society, who attempts to rehabilitate his public reputation with an advertising campaign which, among other things, trying to show how it contributes to create jobs, is considering changes in how it makes its finances and how it relates to clients, investors and analysts, i.e. people involved in planning.He has also spent outside the company and has hired a leader who has been critical voice of Wall Street pay practices and weak governance
Goldman announced in may, he formed a business to reshape its business practices and repair reputation Standards Committee.Chief Executive Lloyd Blankfein said at the time that "there is a disconnect between how we think the company and how the public perceives our role and our activities.
Yves ici.Il is not difficult to see the disconnect between the company exerts, changing how business and a list of things that follow are entirely cosmetic spin.The move to Bess Joffe, formerly strong advocacy shareholder Hermes Equity Ownership Services, is a simple PR ploy.A hiring Executive won't make a dent in Goldman culture or processus.Et log tacitly recognizes that more later.
Goldman Business standards Committee is examining conflict of interest and attempting to define guidelines for the activities involving such as debts obligataires.Il structured products business is also decide or to communications in its financial statements.
M. Elson and other question what change Committee as Goldman can do because it is mainly composed by insiders to Cabinet.Les companies who crossed major surveys usually hire strangers to review practices commerciales.Comité Goldman is composed of 17 people, which almost all entrepreneurs and executives .the ' former President of SEC Arthur Levitt, who signed in 2009 to advise on matters of public policy, Goldman is also in the Committee. ""Often, the only way to make real changes to businesses is to change the direction," said Mr. Elson.
The irony is that Elson is head of Centre John l. Weinberg for governance at the University of Delaware.La Weinberg brought the company to its position of leading family business and believes in the approach to the famous "long term suckering" banking, that a parasite banking approach was short-sighted and destructive of the designated franchise.Le is reported to be very distressed about what happened at Goldman, but the attitude of treating customers fairly, is now seen as an ancient instead of solid business artifact.
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