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

Steven G. Mandis, a former Goldman Sachs investment banker, explains how that happened to the Wall Street firm and offers prescriptions for combating the problem in this insightful volume.” Fort-Worth StarTelegramIf you've lost patience (or interest) with the oodles of books that have been churned out about the financial crisis (many of them excellent), reignite your curiosity enough to pick up What Happened to Goldman Sachs?” 800 CEO READMandis uses a sociological theory he calls organizational

Without going for easy answers, Mandis explores the potential root causes of Nicole S A Must-Read for Entrepreneurs, CEOs, and Millennials Joining the WorkforceThis book is unique in that it offers an insider’s perspective on the culture shift and overall strategic changes at Goldman Sachs. Steven Mandis held key positions at Goldman Sachs for over 10 years, and saw the firm through one if its most pivotal times, its IPO. Without going for easy answers, Mandis explores the potential root causes of Goldman’s gradual shift from a conservative private-partnership to a risk-friendly, shareholder-focused . A Story That Deserves and Needs Telling, But . .the author isn't the right storyteller. The book is an outgrowth of his doctoral dissertation--in sociology--at Columbia. As a former Ph.D. student for a half-decade in a Department of Management elsewhere, I wonder why he didn't study under the aegis of the Management Department in the Columbia's fine Graduate School of Business. The book would have benefited in major ways from the perspectives of organizational behavior, organization theory, and strategic management. Moreover, that particular faculty comprises some truly wo. "Fascinating Case Study on Goldman's Cultural/Organizational Evolution" according to Justin S.. An incisive and thought-provoking read on how an organization, renowned for its unique culture, can slowly drift over the period of several decades due to internal and external pressures, where the line between putting clients’ interests first becomes blurred. Mandis’ perspectives, and those of the current and former Goldman employees he interviews, are incredibly valuable for anyone currently in or aspiring to hold a management position, so that they as insiders might recognize and consider the implications of thei

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’tor won’trecognize 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.. This is the story of the slow evolution of Goldman Sachsaddressing why and how the firm changed from an ethical standard to a legal one as it grew to be a leading gl