First published 2008
Charles D. Ellis traces Goldman Sachs from near collapse in 1929 to global dominance. The 139-year-old firm barely survived the market crash that left it disgraced and almost destroyed. Through the Depression and World War II, Goldman limped along as a break-even operation with little prospect for growth. Then something changed. With just one special service and one unlikely banker, the firm began an extraordinary rise. Over fifty years, Goldman transformed itself into the world's leading financial powerhouse. Ellis reveals how the firm's leaders created a unique culture that demands absolute loyalty and operates like a single organism. This culture became Goldman's secret weapon, enabling rapid decisions across global markets without cumbersome rule books. The story shows how careful attention to recruiting, training, communication speed, and risk management created cumulative advantages that competitors could not match. Goldman's rise demonstrates how superior management and cultural discipline can build market leadership across continents and business lines.
Genres: history, 20th-century, business, economics, 21st-century, finance
Vibes: intimate, suspenseful, thought-provoking
Tropes: corporate-culture, rise-to-power
Setting: United States
Period: 1929, Great Depression, World War II
752 pages · Hardcover · Penguin Press HC, The