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A new book coming out by William Cohan, Money and Power: How Goldman Sachs Came to Rule the World gives some very interesting nuggets of info on the firm, its culture. Maybe worth a read for you during this Spring Break.
ONCE upon a time, the evening before a long Memorial Day weekend, a senior partner of Goldman Sachs kept 40 new recruits waiting in a conference room for five hours, until 10pm, just to teach them the value of patience. The three who left early, overcome by the urge to begin their holidays, were sacked days later.
Goldman started out in 1869 as a dealer in commercial paper. As it entered new businesses its culture remained remarkably cohesive, thanks to strong leadership and its eschewal of big acquisitions. It has long been considered the best risk manager on Wall Street. This helps it attract the brightest recruits, some of whom have to endure more than 30 interviews before being offered a job. Goldmanites are expected to work from dawn till night and to value teamwork over individual glory.
http://www.economist.com/node/18557354?fsrc=scn/tw/te/ar/longonchutzpah
ONCE upon a time, the evening before a long Memorial Day weekend, a senior partner of Goldman Sachs kept 40 new recruits waiting in a conference room for five hours, until 10pm, just to teach them the value of patience. The three who left early, overcome by the urge to begin their holidays, were sacked days later.
Goldman started out in 1869 as a dealer in commercial paper. As it entered new businesses its culture remained remarkably cohesive, thanks to strong leadership and its eschewal of big acquisitions. It has long been considered the best risk manager on Wall Street. This helps it attract the brightest recruits, some of whom have to endure more than 30 interviews before being offered a job. Goldmanites are expected to work from dawn till night and to value teamwork over individual glory.
http://www.economist.com/node/18557354?fsrc=scn/tw/te/ar/longonchutzpah
