Goldman Sachs: A Culture of Success

In Trinidad with the AnBryce scholars but did have some free time to read one of the RA favorite books, Goldman Sachs: The Culture of Success.  An interesting read that opened my brain to the Sternites at NYU.  The book told the history of the company from its humble beginnings to its decision to sell the private company to the world of IPOs.  GS was the last one standing of the biggies to remain private.  After a failed 1986 and a 1996 vote of the partners to offer an IPO, Jon Corzine, then Co-Chairman, decided to attempt to sell the company publicly.  Why? Well lots of reasons... Was it for greed?  Or was it to have enough capital to stay on top as all other competitors were merging and diversifying?  Learning about the basement start-up in 1869 in lower Manhattan, the reader learns that Goldman Sachs Group, Inc. developed as a global investment banking and securities firm which engages in investment banking, securities, investment management, and other financial services primarily with institutional clients.  The back scene discussions to diversify employees (bringing in woman and minorities) to putting energies into globalizing into the Asia and European markets.  Leadership from the beginning, Marcus Goldman and his son-in-law Samuel Sachs, whom he brought into the fold, to Sidney Weinberg, Gus Levy, and Stephen Freidman all are highlighted. As our the last generation of leaders, Robert Rubin, Jon Corzine, and Henry Paulson who all left Goldman to serve in leadership roles in Government which indicate GS outreach and impact on the US financial markets.    In many ways the book seemed to be a build up to the IPO, and limited in-depth review of what that culture of success really was, though the change to involving more into decisions near the end gave the reader insight into the change in corporate culture.  I would have liked a bit more of that rather than IPO or not.  For those entering the financial world, it gives good perspective into the markets, otherwise, left me wanting more.  It was ok… not stellar.