NL
Lloyd Blankfein has been on the PR offensive recently, which may or may not be something to do with Goldman being called a ‘great vampire squid wrapped around the face of humanity’. His latest assertion is that far from being greedy bankers, the firm’s employees are in fact loyal, honest and not motivated by money. Is this really the case?
In an interview with German newspaper Spiegel, Blankfein was asked whether high pay promoted greed.
He said that most of the Goldman Sachs leadership team had built their careers at the bank and stayed through thick and thin and that: “When our people leave they tend to go on to other positions – whether in government or other forms of public service – that no one would do if their were motives were financial. Those characteristics don’t make me think of ‘greed.’”
“So only modest, good people work for Goldman Sachs? We hardly believe that,” pushed the newspaper. “I have stated my honest view of things,” replied Blankfein.
Are we to believe that Goldman only employs nice, modest people just waiting for the opportunity to give something back through public service? Or are they really in it for the money? Your thoughts please…
‘When our people leave they tend to go on to other positions – whether in government or other forms of public service ‘
Yes because they have earnt so much money from bonuses at Goldmans they can effectively ‘retire’ in an easy public service job!!!
Ha ha!
What a load of rubbish!! If Mr Blankfein is going to lie he should at least think about saying something believable! He should sack his PR team!
Is public service the new Goldman Sachs?
No, I once worked at GS, and I’m not very nice.
I’m ex-GS too, and neither modest nor nice. But maybe that’s why I’m no longer there.
I believe the culture at GS definitely focusses on being a ‘nice’ person wh o is honest, hard-working, ethical. That doesnt mean to say you cant be any of these things and still be ambitious or have financially motivated personalities, GS can create a culture but they cannot brainwash employees to be something they are or are not. The fact they are so sucessful however and have a culture which encourages giving back suggests to me more Companies should take a leaf out of their book
Not everyone is paid millions. Is a handful. Dont think everyone earns enough to retire
Funny article. Hilarious questions .
1/ Only in for the money. Look at GS capital structure and it should answer to your question. The most private of any PLC.
2/ I didnt’ realise Siva-Jothy, Davies, Ben Brahim and alikes went into public services when they left GS !?! Off course Paulson went to the Treasury , but then again : he got fired and somehow I doubt he took the Treasury’s job with the wages of a NGO officer or an IB intern (which is , please note, already twice the one of an NGO officer with 25 years experience) .
3/ Nice, modest and GS businesses are oxymoron so definitely money. GS or not GS anyway.
I agree with Blankfein – there are nice people at GS, if you peel the layers…
come on guys every one is motivated by money and career development just pleas stop the bullcrap and be honest with yourselves
Blankfein is right – once their greed for money is satisfied then they become greedy for power…
I believe that employees are ‘encouraged’ to get involved in extra curricular ‘good causes’ whilst working at Goldman .Part of a PR offensive / a kind of greed offset/ self serving career move ? Anyway it can set them up to for a philanthropic retirement career .Shame as that means others won’t get these jobs as charities /public sector congratulate themselves on managing to bag an ex Goldman on the public purse.