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What Happened to Goldman Sachs: An Insider's Story of Organizational Drift and Its Unintended Consequences, by Steven G. Mandis
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This is the story of the slow evolution of Goldman Sachs—addressing why and how the firm changed from an ethical standard to a legal one as it grew to be a leading global corporation.
In What Happened to Goldman Sachs, Steven G. 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’t—or won’t—recognize 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.
- Sales Rank: #530489 in eBooks
- Published on: 2013-09-10
- Released on: 2013-09-10
- Format: Kindle eBook
Review
"Forget Greg Smith and those muppets. What Happened to Goldman Sachs by Steven Mandis is the book to read." — [as tweeted by] Andrew Palmer, Finance Editor at The Economist
“an accessible, clearly written book. Those interested in all things Goldman will find it useful for its appendixes, which include a timeline of the bank’s history and biographical sketches of its top leaders” — The New York Times
“…a remarkable new book…” — The Economist
“…an informative and interesting book. People who don't know what life in a big Wall Street firm is like will find the book enlightening.” — Fortune
“In this riveting debut, Columbia Business School professor and former Goldman Sachs executive Mandis examines the factors that tarnished the firm's reputation in recent years. “…a must-read for anyone interested in the world of business and finance, history, or organizational dynamics.” — Publisher’s Weekly
“… fascinating… for its sympathetic yet unflinching study of a firm and an industry that has come to epitomize what is problematic about Western capitalism, What Happened to Goldman Sachs is hard to beat.” — strategy+business magazine
“… entertaining and informative… a welcome addition to the literature on the rise and fall of corporations.” — Seeking Alpha (seekingalpha.com)
“… a profound tale.” — The Financial Times
“Several authors have tackled the question of how Goldman's culture changed post-1999 but none so deftly as Steven G. Mandis…” — The Wall Street Journal
“Mandis’s book describes changes at the bank and across the industry that have contributed to the unflattering portrait of Wall Street that has taken hold since the financial crisis.” — Politico (politico.com)
“… a more somber, studied look at the bank’s culture…. His book, [What Happened to Goldman Sachs] has the added gravitas of being the basis for Mandis’s PhD dissertation on his former employer at Columbia University.” — Bloomberg Businessweek
“… ‘organizational drift’ can erode the core values that make any company successful. 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 StarTelegram
“If 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 READ
“Mandis uses a sociological theory he calls “organizational drift” to explain why and how the culture of his former employer changed over the course of the past three decades. His analysis contributes to an understanding of the inadvertent yet profound consequences that can result from growth with any large organization.” — Business Digest
ADVANCE PRAISE for What Happened to Goldman Sachs:
Bethany McLean, coauthor, The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron and All the Devils Are Here: The Hidden History of the Financial Crisis; contributing editor, Vanity Fair—
“Steven Mandis’s exploration of how the culture at Goldman Sachs changed should be required reading for anyone who is interested in how organizations evolve and in the culture of Wall Street more generally. Mandis resists judging the firm, but rather explains, thoughtfully and clearly.”
Donald MacKenzie, professor of sociology, University of Edinburgh; author, An Engine, Not a Camera: How Financial Models Shape Markets—
“The financial crisis has shown us how little we understand about banks as organizations and about their internal cultures. Mandis’s pioneering study is thus essential reading for anyone concerned about the future of the financial system.”
Gerald Davis, Wilbur K. Pierpont Collegiate Professor of Management, Ross School of Business, University of Michigan—
“What Happened to Goldman Sachs explains the organizational processes that led Goldman to drift from its vaunted ‘clients come first’ culture as it grew from a modest-sized partnership to a vast public corporation. Steven Mandis combines an insider’s experience with the tools of sociology to show how pressures for growth resulted in the Goldman Sachs that we know today.”
Anat Admati, George G.C. Parker Professor of Finance and Economics, Stanford Graduate School of Business; coauthor, The Bankers’ New Clothes: What’s Wrong with Banking and What to Do about It—
“Steven Mandis, in his thought-provoking book, shows how even a disciplined partnership aiming to put its clients’ needs first can, bit by bit, become a large, complex corporation mired in conflicts big and small. Mandis’s nuanced and convincing analysis reveals the key forces that we all need to worry about when it comes to banking—or any sector that’s so important to the health of the economy: conflict of interest, self-dealing, and excess risk-taking.”
About the Author
Steven G. Mandis worked at Goldman Sachs from 1992 to 2004 in its investment banking, private equity, and proprietary trading areas. He assisted Hank Paulson and other senior executives on special projects and eventually became a portfolio manager in one of the largest and most successful proprietary trading areas at Goldman Sachs. Post-Goldman, he cofounded a multibillion-dollar global alternative asset management firm that was a trading and investment banking client of Goldman Sachs. During the financial crisis, Mandis was a senior adviser to McKinsey & Company before accepting a senior executive position at Citigroup. Currently, he is an adjunct professor at Columbia Business School and a PhD candidate in the sociology department at Columbia University. He holds an AB from the University of Chicago and an MA and MPhil from Columbia University.
Most helpful customer reviews
18 of 21 people found the following review helpful.
Insider's experiences combined with an outsider's perspective
By James P. O'Shea III
I've been eagerly anticipating this book since I was a student in Mandis's `Strategic Issues in Investment Banking' at Columbia Business School, a few years into the credit crisis.
I'm glad to see it in print, and happy to recommend it.
As the crisis has unfolded, there have been memoirs, government reports, documentaries, and analyses written about many of the major players in the financial services industry. Many of those provide valuable insight, and are typically written from a single perspective: journalist, retired executive looking back, governmental representative of a concerned constituency, etc.
The book is valuable because he brings together many perspectives in one voice - his personal experiences at Goldman Sachs as an employee, as a client of the firm, as a principal in firms that had to deal/compete with Goldman and its competitors, as a senior manager in a global bank, an advisor to financial institutions and regulatory bodies worldwide, and, most recently, as an academic.
His essential recognition that quantitative analysis only tells part of the story, for me, drives the most important lesson in his work: that the human factors, shared values, beliefs, behaviors, and incentives are critical to the success of any organization. The necessarily *qualitative* nature of these factors makes it all the more challenging to get them right.
By calling out the risks of organizational drift, Steven highlights the paradoxical `dangers of successful cultures' - how organizations make a series of decisions that, in the moment, are the `right' decisions but which, in the aggregate, move the firm away from the things that made it successful. The dangers Mandis observes and analyzes, I think, resonate with Clayton Christensen's observations on disruption at an institutional level, and Marshall Goldsmith's writings on derailing at a personal level.
Particularly of interest is the passage where he notes that the things that are *not* spoken about constitute as important an indicator of what a culture values as do the overt expressions of what is and isn't `done' in the culture.
In class, he was able to relate the mechanics of the individual departments of a financial firm to the qualitative value that clients place on the combination of services that were available to them.
With humor and humility, he shared his experiences and helped his students see the world through the eyes of the service provider inside the firm, and through the eyes of clients and competitors. He also put those experiences in context with the analytic frameworks that the scholarly community uses to understand specific instances of success or failure in the general context of business and human relations.
As the book was going to press, Mandis was preparing to teach a course on the European Financial Crisis for Columbia Business School - I wish circumstances had permitted me to attend that course in Madrid, to hear his thoughts on how things have evolved and where they might be headed. Perhaps we can hope for a follow-on book on that topic!
Read, enjoy, and learn.
8 of 9 people found the following review helpful.
Unintentionally Hilarious in Parts; Overall, Just OK
By Mike Brown
The author states upfront that he is going to be objective and not judge whether "what happened to Goldman Sachs" is a good thing or not. Fair enough. However, this "objective" approach (which I don't buy--more on that later) only ends up with the author coming to some hilarious conclusions. Two prime examples: Goldman, he says, fosters a feeling that you are working for a "higher purpose" than the mere attainment of great wealth. It is because of this deeply instilled feeling, the author concludes, that Lloyd Blankfein can say that they are "doing God's work" and everybody at Goldman knew exactly what he meant and didn't find anything wrong with it, and why they didn't see anything wrong with getting their hands on flu vaccine before everybody else when it was in short supply. Wow! What about the much more obvious conclusion that these folks are elitist snobs, living in their own world and so far removed from those of modest means that they are delusional? Another hilarious conclusion: Goldman's cultural dedication to doing good and giving back to the community is why so many of them are drawn to work in the government. Really? I don't suppose the real reason is that it is GREAT for business, is it? Come on, now. As one who has worked with pubic sector clients for 30+ years, I can tell you unequivocally that the reason you foster close ties with government officials is to generate more business for your firm. Period.
The author is not stupid. So I have to conclude that he either knows his conclusions are BS and is really doing nothing more than being an apologist for his former employer, or he is just as delusional as they are. I tend to believe he is actually less objective than he pretends and doesn't want to burn his bridges with Goldman.
Regarding the book's main objective--to explain why the organization has drifted from its historic mission of putting the client first--it does not take a PhD thesis to know the answer. Goldman was the last major investment bank still structured as a private partnership while all the others had become public companies. As a partnership, the partner's own money was at risk; hence, they were not willing or able to take huge risks. All its competitors were because they were using other people's money--namely, the shareholders'. And so they had a huge competitive advantage over Goldman. Goldman was forced to go public as well, resulting, as the author aptly demonstrates, in the partners becoming insanely wealthy from the IPO. After that, guess what? No longer having their own enormous capital at risk any more, the former partners at Goldman decided to grow rapidly, start its own proprietary trading desk in competition with its own clients, and suddenly take huge risks so they could dole out huge bonuses to themselves. The author tells us there's more to it than that. Maybe if you are writing a book that will be your PhD thesis in sociology, you need to come up with more to fill up the pages. Outside academia, however, the answer is obvious and very simple.
So if the book is mostly filler and full of enough BS to be laugh out loud funny, why do I give it even 3 stars? Because, first, I accept it for what it is--a PhD thesis in sociology, and on that basis the work shows and it does have useful background information. Second, and most importantly, it is unintentionally entertaining, even funny, in demonstrating how out of touch and clueless most of these people are. Read it for that insight alone, and don't expect any deep expose.
16 of 20 people found the following review helpful.
An insider's account of the decline and fall of a once great firm that was "greedy, but long-term greedy"
By Robert Morris
Those who share my high regard for John Whitehead and have read his classic, A Life in Leadership: From D Day to Ground Zero, An Autobiography, were probably as excited as I was when learning that Steven Mandis had written an "insider account of the organizational drift and its unintended consequences" at Goldman Sachs, a firm with which Whitehead had been associated from 1947 after he received an MBA degree from Harvard Business School until 1984, years during which he became chairman and was serving as co-chairman and co-senior partner when he retired. After reading Whitehead's book, I wanted to work for him and with him. He plays a significant role in this book. More about that later.
Mandis biefly recalls how and why he joined the firm, then shares his thoughts and feelings about what happened in and to the firm during and following his years of association (1992-2004). With regard to organizational drift, it is a process whereby an organization's culture, "including its business practices, continuously and slowly moves, carried along by pressures, departing from an intended course in a way that is so incremental and gradual that it is not noticed. One reason for this is that the pursuit of organizational goals in a dynamic complex environment with limited resources and multiple, conflicting organizational goals, often produces a succession of small, everyday decisions that add up to unforeseen change."
That is precisely what happened at Goldman.
These are among the dozens of business subjects and issues of special interest and value to me, also listed to indicate the scope of Mandis' coverage.
o Goldman Sachs: A Little History (Pages 15-22)
o Subtle Changes Made Obvious (34-37)
o Goldman Sachs's Shared Principles and Values (45-51)
o Devotion to Client Service (63-66)
o Productive Dissonance (83-89)
o From Partnership to LLC (101-110)
o Key Signs of Organizational Drift (123-151)
o The Effects of Wall Street Models (168-172)
o Chinese Walls (175-180)
o Conflicts of Interest (182-187)
o Communicating the Signals: Transparency at Goldman Sachs (204-206)
o Why Do Clients Stay? (223-229)
o A Sense of Higher Purpose (232-235)
o Lessons Learned (247-251)
It should be noted that John Whitehead led the formulation of Goldman's Shared Principles and Values. That was in 1979. "Whitehead had said that committing the firm's values to words on paper was his greatest contribution. More than anything else, it was a statement about the perceived power of the codified values to nourish and support the partnership culture." (Pages 45-51)
"Though the partners had strongly indicated at the time of the IPO that they didn't want to undermine the firm's core values, the changes in business practices and policies, as well as in the business mix, clearly indicate Goldman's organizational drift." According to Mandis, the key signs include representing hostile raiders, renewed involvement in asset management, advising companies in the gambling industry, changing underwriting standards, the emergence of stars and "super league" clients, rehiring people and making counteroffers, changing compensation and promotion practices, lateral partner hires, changing recruitment and hiring policies and practices, and staple financing. (Pages 45-51) None of these was sufficient to cause the decline and fall of a once great firm but together, in lethal combination....
o "Shared values, whether codified or uncodified, tie an organization together. A firm should determine its own basic set of nonnegotiable values, the minimal constraints."
o "Organizational exceptions [re nonnegotiable values] may address short-term issues but may cause long-term ones."
o "Firms must think about long-term greed and what it means. Through actions and training, leaders must explain the pressures on short-term thinking and how the form resolves the conflicts of short- and long-term goals."
o "An organization's structure, incentives, and values last longer and have more impact than those of individual leaders...It is the duty of leaders and board members to examine what is responsible, not who is responsible."
As Steven Mandis explains so well in this volume, one of the most challenging issues when guarding against organizational drift is that adaptation is critical to the survival of an organization, as well as to a species. Moreover, the difference between healthy adaptation and organizational drift -- as Goldman Sachs clearly demonstrates -- "is very, very difficult to discern." Therefore, leadership requires a "curiosity that borders on skepticism" and that "questions are answered with action." He fully understands and appreciates how difficult such scrutiny can bed, especially when short-term results are so positive. "Examining your own organization will be messy, but I hope the observations from the sociological analysis outlined in this book will provide useful guidelines and inspire the risk taking required to tackle the challenges."
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