What’s the difference between Goldman Sachs and all the other investment banks?
You know, aside from that whole profitability thing. The answer seems to be
that where other banks have org charts, Goldman has managers. It’s
unthinkable that Goldman would ever go outside its own ranks in hiring a new
CEO, and Goldman alumni like John Thain are prized for their managerial skills.
Michael de la Merced does his best today to explain
the Goldman culture:
Goldman can afford to lose some of its best people because it fosters a deep
managerial bench and gives a heavy emphasis to personal coaching. Those among
its ranks anointed as future leaders attend special seminars. Even those who
leave the firm to run less managerial businesses — hedge fund executives
like Edward S. Lampert, Eric Mindich and Daniel Och — were instilled
with the notion that success comes from building a team.
Goldman bankers also seem to pop up everywhere. It was no surprise to read,
elsewhere in the NYT, this:
On the advice of his agent, Scott Boras, Rodriguez opted out of his contract
during Game 4 of the World Series on Oct. 28. But he recently informed the
Yankees through common friends at Goldman Sachs that he was reconsidering
Probably the only reason that Goldman isn’t in the sports-agenting business
is that it just isn’t profitable enough. But if the Yankees ever decide to go
public, expect to see Goldman lead the offering.