Hi there, Quartz members!
Goldman Sachs at the crossroads
We’re going to try something different this week. So far, our field guides have covered industries and markets, but there are some companies that loom so large over the worlds of business they warrant a deep dive of their own. If you started to list those companies, I have little doubt Goldman Sachs would be one of the first companies you’d write down.
For a long time, Goldman Sachs operated in a quiet golden glow—it wasn’t spectacularly well known, but it was held in the highest regard by those who knew the firm. Then, sometime around the late summer of 2008, all that changed: Goldman Sachs became far better known, but for all the wrong reasons (see: vampire squid). Since then, the company has had take on new challenges. Among these have been a degree of brand-management the firm never had to maintain previously; a post-crisis regulatory environment that’s constrained some of the firm’s high-flying (and lucrative) investment practices; and a competitive landscape that has allowed massive consumer banks like JPMorgan Chase and Bank of America to move in on Goldman’s territory. In addition, there’s the continuing competition to attract and retain talent while hedge funds, private equity firms, and Silicon Valley companies also vie for the best and the brightest.
It’s a new and challenging time for the most prestigious firm on Wall Street. Fortunately, we’ve got one of the best guides in the business to help us understand it. William D. Cohan has been writing about Goldman for years, including a book on the company that came out in 2011. Before journalism, Bill was an M&A banker for 17 years at places like Lazard Frères, JPMorgan Chase, and Merrill Lynch, so he knows the territory from the inside out. Today, he poses the 16 questions you need to ask about Goldman (don’t worry, he also answers them) and also looks at the company’s problems in Malaysia.
Later this week, we’ll be examining:
- The most important executives at the Goldman Sachs
- The company’s origin story
- Goldman’s efforts to diversify its ranks
- And a lot more
It’s a fascinating topic, and I hope you enjoy the deep dive. Let’s keep learning. Send ideas, questions, comments, and bonus checks to members@qz.com.
Hope you have a rewarding day,
Sam Grobart
Quartz membership editor