Submitted by: Submitted by cici152
Views: 112
Words: 2659
Pages: 11
Category: Business and Industry
Date Submitted: 09/07/2014 01:20 PM
GOLDMAN SACHS HOWTHEY ARE INFLUENCING WALL STREET THE WO AND
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Group Members: Dongwoo Kang
Emmanuel Matiya Mahendran Viknesvaran Se Chea
Goldman Sachs is a large global leading bank holding company that engages in investment banking, securities and investment management which history that spans over 140 years. Goldman offers its clients mergers & acquisitions advice, underwriting services, asset management, and engages in proprietary trading, and private equity deals. It has a market capitalization of $91.86 Billion as of September 2009 with 779 Billion assets under management. It is a primary dealer in the U.S. Treasury securities market and is considered as "Wall Street's most astute, opaque and influential firm." (Cohan, 2009)
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The Culture of Success
When asked "how Goldman Sachs has accomplished its success", Charles Ellis, author of Partnership: the marking of Goldman Sachs, gives credits to its people and culture. Compared to its competitors, Goldman Sachs recruited more intriguing people who care more about their firm. Their shared commitments, or "culture", were stronger and more explicit. The real culture of Goldman Sachs is a unique blend of a drive for making money and the characteristic of "family." "Making money - always and no exceptions- was a major principle of Goldman Sachs. Nothing was ever done for prestige" (Ellis, 2009). Although Goldman has a tradition of taking trading risks, compared to its competitors, Goldman has a better culture, thiy're better at making money and than the other banks. In addition, Goldman Sachs is a true partnership in the way people at the firm work together, in the way alumni feel about the firm and each other (as you will see in the analysis of this paper). That is, "absolute loya& to -&e firm and to the partnership was expected. ~enaciousto a fault, Goldman partners do not only work long hours, but they also come to think of the firm as their true family" (Ellis, 2009). That explained why some...