What Happened to Goldman Sachs: An Insider's Story of Organizational Drift and Its Unintended Consequences

What Happened to Goldman Sachs: An Insider's Story of Organizational Drift and Its Unintended Consequences

by Steven G. Mandis
     
 

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This is the story of the slow evolution of Goldman Sachs—addressing why and how the firm changed from an ethical standard to a legal one as it grew to be a leading global corporation.

In What Happened to Goldman Sachs, Steven G. Mandis uncovers the forces behind what he calls Goldman’s “organizational drift.” Drawing from hisSee more details below

Overview

This is the story of the slow evolution of Goldman Sachs—addressing why and how the firm changed from an ethical standard to a legal one as it grew to be a leading global corporation.

In What Happened to Goldman Sachs, Steven G. Mandis uncovers the forces behind what he calls Goldman’s “organizational drift.” Drawing from his firsthand experience; sociological research; analysis of SEC, congressional, and other filings; and a wide array of interviews with former clients, detractors, and current and former partners, Mandis uncovers the pressures that forced Goldman to slowly drift away from the very principles on which its reputation was built.

Mandis evaluates what made Goldman Sachs so successful in the first place, how it responded to pressures to grow, why it moved away from the values and partnership culture that sustained it for so many years, what forces accelerated this drift, and why insiders can’t—or won’t—recognize this crucial change.

Combining insightful analysis with engaging storytelling, Mandis has written an insider’s history that offers invaluable perspectives to business leaders interested in understanding and managing organizational drift in their own firms.

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Editorial Reviews

Publishers Weekly
10/21/2013
In this riveting debut, Columbia Business School professor and former Goldman Sachs executive Mandis examines the factors that tarnished the firm's reputation in recent years. In addition to interviews with former and current Goldman employees, Mandis shares his own experiences as a young recruit and indoctrination into the firm's prestigious and demanding culture. He traces the changes that occurred following the firm's IPO, which many allege resulted in a shift in standards and misaligned incentives, concluding that in the wake of the IPO, the firm's exemplary culture and values drifted, exposing the firm to new dangers. Mandis also applies his research to draw general sociological conclusions, discussed in the section, "Lessons Learned," which highlights the importance of shared values, social networks, financial interdependence, public disclosure, innovative inquiry, a higher purpose, transmission of culture from one generation to the next, and a long-term perspective. Mandis's hefty, but elegantly-written tome is a must-read for anyone interested in the world of business and finance, history, or organizational dynamics. (Oct.)
The New York Times
“An accessible, clearly written book. Those interested in all things Goldman will find it useful for its appendixes, which include a timeline of the bank’s history and biographical sketches of its top leaders.”
The New York Times

The Economist
“An accessible, clearly written book. Those interested in all things Goldman will find it useful for its appendixes, which include a timeline of the bank’s history and biographical sketches of its top leaders.”
The New York Times

strategy+business magazine
“In this riveting debut, Columbia Business School professor and former Goldman Sachs executive Mandis examines the factors that tarnished the firm’s reputation in recent years. . . . A must-read for anyone interested in the world of business and finance, history, or organizational dynamics.”
Publishers Weekly

Seeking Alpha
“Fascinating . . . for its sympathetic yet unflinching study of a firm and an industry that has come to epitomize what is problematic about Western capitalism, What Happened to Goldman Sachs is hard to beat.”
strategy+business magazine

The Financial Times
“entertaining and informative… a welcome addition to the literature on the rise and fall of corporations.”
Seeking Alpha (seekingalpha.com)

The Wall Street Journal
“A profound tale.”
The Financial Times

Politico
“Several authors have tackled the question of how Goldman’s culture changed post-1999 but none so deftly as Steven G. Mandis.”
The Wall Street Journal

From the Publisher
“Mandis’s book describes changes at the bank and across the industry that have contributed to the unflattering portrait of Wall Street that has taken hold since the financial crisis.”
Politico (politico.com)

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Product Details

ISBN-13:
9781422194201
Publisher:
Harvard Business Review Press
Publication date:
09/10/2013
Sold by:
Barnes & Noble
Format:
NOOK Book
Pages:
256
File size:
1 MB

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