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- Product code: 10612
- ISBN: 0316643734,
ISBN13: 9780316643733,
320 pages, hardback
Published by Little, Brown on 1999
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Description of Goldman Sachs |
Goldman Sachs began this century as a little known family business with a minor reputation and a huge dream. It ends the century as perhaps the best-known investment bank in the world and one of the greatest financial success stories of the twentieth century.
This is not the familiar tale of rise and fall. Documented here are the firm's triumphs and troubles, but Goldman Sachs has never relinquished its push forward, eventually rising to the pinnacle of investment banking. We see the bank emerge from the Depression with a solid gold reputation and a first-class list of clients; trading wizards then cornering aspects of the stock market; solid training preventing disasters in the mad trading of the 80s; the firms contacts with Robert Maxwell; and the global presence that the firm had established by the 1990s. Throughout the firm has emphasised 'People and Culture'. Lisa Endlich shows how,, within this guiding principle, the firm's close client contacts, teamwork, and the focus on long-term profitability over short-term goals resulted in its 1997 record of $3 billion pretax profits.
After an historic meeting in June 1998 Goldman Sachs announced that it would sell shares to the public. The decision had been a difficult and agonising one, steeped in conflict and controversy, and in this book we read about the ongoing debate which raged for twelve years within the bank's corridors. The private partnership, many partners argued, was the source of the firm's success. What would happen if it were relinquished? Then in September 1998, with the world's financial markets in turmoil, Goldman Sachs withdrew plans for the offering which is not to take place this Spring. As this book goes to press (April 1999) the IPO is about to happen.
Goldman Sachs has always operated under a strict veil of secrecy. In the past year the firm has adopted a slightly more open posture and begun to operate like the public company it aspires to become. In this book Endlich takes a close-up look at a very publicity-shy organisation. To do this she conducted over 80 interviews with current and former partners and dozens of other interviews with those who have at one time worked at the firm. Goldman Sachs aided in this process - she had access to partners right at the top.
Written with an insider's experience and a professional's detailed knowledge, Goldman Sachs is a rare and remarkably revealing insight into the closed world of high finance. It is a book for anyone interested in the financial world, as the story of Goldman Sachs is nothing less than the story of modern finance.
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Contents of Goldman Sachs |
Author's Note
I. 1986: The Road Less Traveled
II. 1869-1976: The Family Firm
iii. 1976-1990: The World-Class Player
IV. 1990-1991: The Changing of the Guard
V. 1992-1993: The Pinnacle
VI. 1994: The Curse of Success
VII. 1995-1998: The Road to IPO
Notes
Bibliography
Acknowledgments
Index
An 8-page insert of photographs follows page 116
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