Goldman Sachs and Mc Culture
oGOLDMAN SACHS AND MC CULTURE V8 March 18, 2012
DOES CULTURE MATTER IN MANAGEMENT CONTROL? A GOLDMAN SACHS EMPLOYEE RESIGNS PUBLICALLY
“Employees Management believes that a major strength and principal reason for the success of Goldman Sachs is the quality and dedication of our people and the s hared sense of being part of a team. We strive to maintain a work environment t hat fosters professionalism, excellence, diversity, cooperation among our employees worldwide and high standards of business ethics. Instilling the Goldman Sachs culture in all employees is a continuous process, in which t raining plays an important part. All employees are offered the opportunity to participate in education and periodic seminars that we sponsor at various locations throughout the world. Another important part of instilling the Goldman Sachs culture is our employee review process. Employees are reviewed by supervisors, co-workers and employees they supervise in a 360degree review process that is integral to our team approach, and includes an e valuation of an employee’s performance with respect to risk management, compliance and diversity. As of December 2011, we had 33,300 total staff, excluding staff at consolidated entities held for investment purposes.” [SOURCE: 2011 10K of The Goldman Sachs Group, Inc., pp. 6-7; published online February 28, 2012] EXCERPT FROM: “Goldman Sachs' Response to March 14, 2012 New York Times Op-Ed The following is the message Lloyd C. Blankfein and Gary D. Cohn sent March 14, 2012 to the people of Goldman Sachs. By now, many of you have read the submission in today’s New York Times by a former employee of the firm. Needless to say, we were disappointed to read the assertions made by this individual that do not reflect our values, our culture and how the vast majority of people at Goldman Sachs think about the firm and the work it does on behalf of our clients.” [SOURCE:
DOES CULTURE MATTER IN MANAGEMENT CONTROL? A GOLDMAN SACHS EMPLOYEE RESIGNS PUBLICALLY
“Employees Management believes that a major strength and principal reason for the success of Goldman Sachs is the quality and dedication of our people and the s hared sense of being part of a team. We strive to maintain a work environment t hat fosters professionalism, excellence, diversity, cooperation among our employees worldwide and high standards of business ethics. Instilling the Goldman Sachs culture in all employees is a continuous process, in which t raining plays an important part. All employees are offered the opportunity to participate in education and periodic seminars that we sponsor at various locations throughout the world. Another important part of instilling the Goldman Sachs culture is our employee review process. Employees are reviewed by supervisors, co-workers and employees they supervise in a 360degree review process that is integral to our team approach, and includes an e valuation of an employee’s performance with respect to risk management, compliance and diversity. As of December 2011, we had 33,300 total staff, excluding staff at consolidated entities held for investment purposes.” [SOURCE: 2011 10K of The Goldman Sachs Group, Inc., pp. 6-7; published online February 28, 2012] EXCERPT FROM: “Goldman Sachs' Response to March 14, 2012 New York Times Op-Ed The following is the message Lloyd C. Blankfein and Gary D. Cohn sent March 14, 2012 to the people of Goldman Sachs. By now, many of you have read the submission in today’s New York Times by a former employee of the firm. Needless to say, we were disappointed to read the assertions made by this individual that do not reflect our values, our culture and how the vast majority of people at Goldman Sachs think about the firm and the work it does on behalf of our clients.” [SOURCE: