There is a great New York Times article today that takes a look at the culture of Goldman Sachs, long held as the gold standard of financial firms on Wall Street. The article asks if Goldman's CEO Lloyd Blankfein has forced the firm to rely too heavily on its trading operations (which generates vast profits) and if Blankfein has undermined the value that Goldman Sachs traditionally provided its clients through its investment banking division.
As the firm chases immediate short-term profits through its trading operations, some long time executives at Goldman feel that the firm is risking its number one principle that has led to its success, namely: "Our clients' interests always come first. Our experience shows that if we serve our clients well, our own success will follow." Many of the executives, who refused to be named since they have mostly been made privately rich by Goldman's success, feel that if Goldman continues to focus on short-term gains and slight the needs of some of its biggest clients, the bank - long considered to be above and separate from the rest of the firms on Wall Street - will eventually just become another 'bank.'There is a great New York Times article today that takes a look at the culture of Goldman Sachs, long held as the gold standard of financial firms on Wall Street. Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio