“goldman sachs banks on cultural capital” anthony palmieri andrew argiriou
TRANSCRIPT
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“Goldman Sachs Banks on Cultural Capital”Anthony PalmieriAndrew Argiriou
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Economic Dimension• The turmoil that
characterized American and international markets since the crisis caused by the collapse of the subprime market in 2006 seemed to leave Goldman Sachs unscathed.
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Competitors• As Morgan Stanley
and Citi Bank were suffering severe losses due to the general trend of failures due to bad loans, Goldman Sachs was reaping profits.
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Goldman Sachs• With profits of 11.6
billion in 2007, record stock prices, and the feeling of confidence that characterizes success in a market economy, Goldman Sachs maintained its position as one of the most respected companies in the United States.
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Flat Managerial Structure
• Through its flat management structure and unique approach to decision making Goldman Sachs has fared, at least until now, better than its rivals.
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Shared Leadership• Under the guidance
of former New Jersey governor Corzine and co-chairman Paulson, Goldman Sachs made the decision to become a public company enabling it to raise billions of dollars.
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Diversified Investments• Through management procedures, Goldman Sachs has learned
better than others, as the text notes, “the difference between high risk investment and overly risky adventuring” (Griffin 92).
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Goldman Sachs Culture
• Executives get involved with the recruiting process and that is the start of how Goldman Sachs employees are a tighter group than other competing companies
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Goldman Sachs Culture • There are three core strengths that the firm integrates into the
culutre • Loyal to Employees• Approach to Recruiting• Its Command Structure
• With those 3 strengths the company is very efficient and the workers average salary is 600,000 a year.
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Culture and the Financial Crisis • Goldman Sachs culture is
one of the main reasons that the company went virtually unscathed during the financial crisis. The durability to change the goals from making a profit to minimizing losses is attributed to the culture.
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Goldman Sachs Culture
• The mix of extreme aggression, individual ambition, and robot like team work all attribute to the profitability and durability and is almost impossible to replicate.
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Models of Organizational Effectiveness• The internal process
approach is pretty much having a good work environment and all business transactions go smoothly.
• Company focuses on company morale and employee satisfaction.