About this item
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.
About the Author
Steven G. Mandis is an adjunct professor at Columbia Business School. He teaches classes of MBA and executive MBA students on strategic issues facing investment banks and the European financial crisis. In addition, Mandis is a PhD candidate and an honorary Paul F. Lazarsfeld Fellow in the Department of Sociology at Columbia University. His book, "What Happened to Goldman Sachs: An Insider's Story of Organizational Drift and its Unintended Consequences" (published by Harvard Business Review Press in 2013), is based on work for his PhD dissertation.Mandis worked at Goldman Sachs in the investment banking, private equity, and proprietary trading areas. He assisted Hank Paulson and other senior executives on special projects and was a portfolio manager in one of the largest and most successful proprietary trading areas at Goldman. After leaving Goldman, he cofounded a multibillion-dollar global alternative asset management firm that was a trading and investment banking client of Goldman's.During the financial crisis, Mandis was a senior adviser to McKinsey & Company before becoming chief of staff to the president and COO of Citigroup and serving on executive, management, and risk committees at the firm.Mandis is Chairman and Senior Partner of Unico Capital, an investment firm that partners with passionate and driven entrepreneurs to build market leading growth companies.Mandis holds an AB from the University of Chicago and an MA and MPhil from Columbia University.He was awarded the Ellis Island Medal of Honor, given to children of immigrants who exemplify a life dedicated to community service.
