Organization Culture at Goldman Sachs
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Case Details:
Case Code : HROB070
Case Length : 16 Pages
Period : 1999-05
Pub Date : 2005
Teaching Note : Available
Organization : Goldman Sachs
Industry : Investment Banking
Countries : USA
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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About the Company
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In 1869, Marcus Goldman (Goldman) started his entrepreneurial venture as a
commercial paper dealer in New York. Goldman bought promissory notes from
jewelers and resold them to commercial banks. In 1882, Samuel Sachs (Sachs), who
married Goldman's daughter, joined Goldman in his business. In 1885, the venture
was named Goldman, Sachs & Company.
In the 1900s, the company played a lead role in establishing the Initial Public
Offering (IPO) market in the US. In 1906, GS lead managed Sears, Roebuck &
Company's IPO.
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GS was one of the first investment banks to recruit MBAs. It recruited
Harvard Business School MBAs in 1922. The firm also took the lead in banking
reforms and corporate governance issues in the 1930s. By the 1950s, GS had
become a leader in the equities markets through its innovations in block
trading5 and risk arbitrage6.
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In the 1960s, GS set up a Mergers & Acquisitions (M&A) group, the
first dedicated M&A group on Wall Street. In 1977, GS created a
single computerized information network that provided instant access
to all GS offices.
In 1984, the firm became the only investment bank to be ranked in
the top 10 in the first publication of 'The 100 Best Companies to
Work for in America'7. In
1986, GS was the US advisor and lead manager for UK's sell-off of
British Gas8. Subsequently, GS
took the lead role as an advisor in the sell-off of state-owned
companies around the globe. |
By the late 1980s, GS was ranked among the top ten financial
institutions involved in the mergers and acquisitions business in the UK. In
1999, GS went public. It raised US$ 3.66 billion through the sale of 69 million
shares. The company's shares were also allotted to the 221 partners and the
13,000 employees in the company...
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