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Goldman Sachs’s Business Practices: Preserving “Intimacy And Esprit de Corps”

As you may have heard, Goldman Sachs today released a 63-page report detailing what percentage of revenue comes from the bank’s own trading and investing, as well as other disclosures attempted to show pull the veil of secrecy back just a bit and show the world that while yes, ritual sacrifice in the basement of 200 West and a Buffalo warehouse is standard, Goldman Sachs is a friendly squid with nothing to hide. The second page of the document (via Deal Journal) kicks things off with “The Goldman Sachs Business Principles,” such as:

Our assets are our people, capital and reputation.
If any of these is ever diminished, the last is the most difficult to restore. We are dedicated to complying fully with the letter and spirit of the laws, rules and ethical principles that govern us. Our continued success depends upon unswerving adherence to this standard.

We stress creativity and imagination in everything we do.
While recognizing that the old way may still be the best way, we constantly strive to find a better solution to a client’s problems. We pride ourselves on having pioneered many of the practices and techniques that have become standard in the industry.

Our business is highly competitive, and we aggressively seek to expand our client relationships.
However, we must always be fair competitors and must never denigrate other firms.

We consider our size an asset that we try hard to preserve.
We want to be big enough to undertake the largest project that any of our clients could contemplate, yet small enough to maintain the loyalty, the intimacy and the esprit de corps that we all treasure and that contribute greatly to our success.

Another reason for the report was to show that contrary to what some people believe, Goldman Sachs loves its clients and that business about a buddy system between the prime brokerage and prop desk in order to facilitate front running of client trades? Baseless rumor at best. Sure, there were times when lines were flirted maybe occasionally crossed by accident. But that was the old Goldman Sachs. The new Goldman Sachs respects boundaries. Having said that, some clients like it when things are taken a little further than others are comfortable with and so, a formal chart has been devised so that GS can keep track of who’s down for anything and who’s not, called The Matrix.

Read The Goldman Sachs Business Practices Report [Deal Journal]

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19 Responses to “Goldman Sachs’s Business Practices: Preserving “Intimacy And Esprit de Corps””

  1. Guest says:

    So, they’re hiring editors? Yay!

  2. Kouwanus says:

    Bess, that picture seriously gives me the creeps. Like he might be hiding in my closet waiting to eat me in my sleep creeps.

  3. Kouwanus says:

    Bess, that picture seriously gives me the creeps. Like he might be hiding in my closet waiting to eat me in my sleep creeps.

  4. Guest says:

    Photoshop FTMFW

    Does this mean municipal pension funds are going to start getting glossy letters once a week saying, “Congratulations! Based on your credit history you’ve been pre-approved for trading knockout options on mezzanine tranches of CMBS with soybean-linked variable interest rates at GS. Please fill out the form below and mail it back and withing 5-6 weeks you’ll receive your very own GS Elite Preferred Diamond Card. We also have a very special balance transfer offer- 0% APR for the first six months!*

    Yours,
    “Big Lloyd” Blankfein

    *Please note all balance transfers are subject to a one-time 12.65% balance transfer fee”

  5. Guest says:

    Photoshop FTMFW

    Does this mean municipal pension funds are going to start getting glossy letters once a week saying, “Congratulations! Based on your credit history you’ve been pre-approved for trading knockout options on mezzanine tranches of CMBS with soybean-linked variable interest rates at GS. Please fill out the form below and mail it back and withing 5-6 weeks you’ll receive your very own GS Elite Preferred Diamond Card. We also have a very special balance transfer offer- 0% APR for the first six months!*

    Yours,
    “Big Lloyd” Blankfein

    *Please note all balance transfers are subject to a one-time 12.65% balance transfer fee”

  6. HFguy says:

    This is not the GS i knew..

  7. Guest says:

    We are sweet fella in a unique way.

  8. Arch-disease says:

    “intimacy and the esprit de corps”>> sounds like something altarboys hear, right before “this is our little secret, ok?”

  9. Arch-disease says:

    “intimacy and the esprit de corps”>> sounds like something altarboys hear, right before “this is our little secret, ok?”

  10. Arch-disease says:

    “intimacy and the esprit de corps”>> sounds like something altarboys hear, right before “this is our little secret, ok?”

  11. Chuddy says:

    63 pages!!??!! That is way too long for us to read….

    ~SEC dude

  12. derp says:

    I know Kung Fu

  13. NakedShort says:

    Esprit does make some killer sweater vests

  14. Kouwanus says:

    Yeah, well my buddy Fox over the in the Estates and Trusts dept at GS would tend to disagree with you, kind sir.

  15. Smitty says:

    That TCM stuff sounded too middle/back office, couldn’t read it so I called the CTO over to explain. I also made him fetch me a Latte.

    -GS IBD Intern

  16. Guest says:

    FSI. That’s it.

  17. Guest says:

    FSI. That’s it.

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