What Happened to Goldman Sachs, Steven G. Mandis
What Happened to Goldman Sachs, Steven G. Mandis
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What Happened to Goldman Sachs
An Insider’s Story of Organizational Drift and Its Unintended Consequences

Author: Steven G. Mandis

Narrator: Sean Runnette

Unabridged: 10 hr 53 min

Format: Digital Audiobook Download

Published: 04/30/2014

Synopsis

In What Happened to Goldman Sachs, Columbia Business School professor and former Sachs executive Steven Mandis charts the evolution of Goldman Sachs from an ethical standard to a legal one and 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 exposes the pressures that forced Goldman to slowly drift away from the very principles on which its reputation was built.

Combining insightful analysis with engaging storytelling, Mandis has written an insider's history that offers invaluable perspectives to business leaders interested in understanding and managing organizational drift in their own firms.

About Steven G. Mandis

Steven G. Mandis is an adjunct professor at Columbia Business School. He also teaches at Columbia's Masters of Sports Management Program. His previous award-winning book, What Happened to Goldman Sachs: An Insider's Story of Organizational Drift and its Unintended Consequences, is a rigorous analysis of if, why, and how the culture of Goldman Sachs changed.

Mandis worked at Goldman Sachs in the investment banking, private equity, and proprietary trading areas. 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 Kalamata Capital, a provider of online small business financing. Mandis holds an AB from The University of Chicago and an MA, MPhil and PhD from Columbia University. Mandis was a two sport varsity athlete in college and currently competes in triathlons, including having competed in the Ironman World Championships in Kailua-Kona, Hawaii; Ironman 70.3 World Championships in Zell Am See-Kaprun, Austria; and Escape from Alcatraz in San Francisco, California. He was awarded the Ellis Island Medal of Honor, given to children of immigrants who exemplify a life dedicated to community service.

Reviews

Goodreads review by Jay on June 09, 2017

Nice insider view of GS' culture and how it's changed......more

Goodreads review by Todd on August 22, 2018

Good scholarly level read on the evolution of investment banking, but there seems to be a pro-Goldman spin on every historical event when the title persuaded you to buy the book thinking that it was going to be an expose on the players.......more

Goodreads review by Ben on March 11, 2018

Love the insight into the history of this great firm and a detailed breakdown of how incremental changes in a culture and cause a drift over many years and have something completely different emerge after that period, As well as how a shift from a “long term greedy” mindset to one of short termism w......more

Goodreads review by Ryan on April 22, 2023

The author examines how Goldman Sachs changed from a firm that principally provided advice to its clients and regularly placed client’s interests ahead of its own, at least short-term, interests to a firm that principally makes markets and invests its own capital and focuses on fulfilling its legal......more

Goodreads review by Matt on January 25, 2025

Incentives are everything......more

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