- Use promo code PRIMEBOOKS18 to save $5.00 when you spend $20.00 or more on Books offered by Amazon.com. Enter code PRIMEBOOKS18 at checkout. Here's how (restrictions apply)
Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.
To get the free app, enter your mobile phone number.
Other Sellers on Amazon
+ $6.00 shipping
+ $3.59 shipping
+ $3.99 shipping
What Happened to Goldman Sachs: An Insider's Story of Organizational Drift and Its Unintended Consequences Hardcover – October 1, 2013
|New from||Used from|
$1.28 extra savings coupon applied at checkout.
Sorry. You are not eligible for this coupon.
The Amazon Book Review
Author interviews, book reviews, editors picks, and more. Read it now
Frequently bought together
Customers who bought this item also bought
Special offers and product promotions
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 bankingor any sector that’s so important to the health of the economy: conflict of interest, self-dealing, and excess risk-taking.”
About the Author
Top customer reviews
There was a problem filtering reviews right now. Please try again later.
There is no clear conclusion if the cultural change was for better or worse. The changes were happening as a result of pressures as an unnoticeable slow process. The firms role in the financial crisis was arguable, as Goldman was simply acting as a market maker, partnering buyers and sellers of securities, there were no regrets of any wrong doing in the crisis or for the way it treated its clients. Accepting the fact, that Goldman and other financial institutions (GS clients and others) plays a role in the economy, its important that leaders and managers consider the danger of the rapid growth. Public and regulators should be concerned, as important financial institutions might pose the risk to the economic system by acting within their best interests.
The client focus of Whitehead (in 1979) was a mission then of Goldman Sachs when it was a partnership. Today Goldman Sachs is two things: Trading and Investment Banking and "making money with money", clients and counterparties. This is the reality of the 21st century.
Talking about drift: what about Bear Stearns, Lehman et all? Goldman Sachs grows and evolves and grows, rather than going down the tube!
Amazon carries great books on Goldman Sachs (see Ellis and Cohan). "What it takes" by Ellis gives a very good background of what is to be known
about Goldman Sachs; it is the best alongside with William Cohan "Money and Power". I recommend these two books highly. And read Mandis also, but with a critical mind; and see the shift NOT the drift and get to an understanding of Goldman Sachs.
I was with a member firm in the Sixties when Gus Levy was runnning Goldman Sachs. When Gus was at the office it was all about money: we lost the trade!! Who crossed the trade! Why did it get away from us?
As you can read: I am high on Goldman Sachs.
This 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 business. Mandis examines, with remarkable neutrality, the intended and unintended consequences of the cultural changes the firm went through due to both internal and external pressures.
Mandis’ concept of organizational drift accurately captures the essence of Goldman’s cultural change, and can be applied to many other companies in similar situations. As such, it is a must-read for any entrepreneurs, CEOs, and millennials entering the workforce, as all will inevitably navigate the organizational challenges that come with managing and/or working with highly driven, super intelligent, hyper-competitive employees. It is also a fascinating, quick read for anyone interested in the investment banking culture of one of Wall Street’s most successful firms.
Most recent customer reviews
One of the most interesting things is how Mandis shares his your perspective on GS from...Read more