Home » Mission Statements » Goldman Sachs Mission and Vision Statement Analysis

Goldman Sachs Mission and Vision Statement Analysis

Have you always had a head for numbers and love making money?

If so, investment banking could be right up your alley! Everyone knows Goldman Sachs & Co, later named Goldman Sachs Group, Inc., trading as Goldman Sachs, is a multinational investment bank with more than 150 years of history. Their mission statement reads: “To advance sustainable economic growth and financial opportunity across the globe.”

So, let’s take an in-depth Goldman Sachs Mission and Vision Statement Analysis to find out what this fascinating company is all about!

goldman sachs mission and vision statement analysis

Table Of Contents

1 Company History

2 Vision

3 Core Values

    • Client Service
    • Excellence
    • Integrity
    • Partnership

4 Slogan

5 References

Company History

Where it began – A family business and a black sheep

Marcus Goldman immigrated to the US by way of Bavaria in 1848. Reports of his background vary, as some state that he was a school teacher, and others mention him working as a peddler, which today is known as a “hawker,” selling items on the street from a horse-drawn carriage in Manhattan.

His lifelong friend from Bavaria, Joseph Sachs, had also immigrated to the US. Goldman’s two daughters married two of Sachs’ sons.

Filling a gap in the market…

Goldman saw a gap in the market as merchants were unable to obtain credit. He bought promissory notes from them and sold them to banks. A promissory note is basically what we would call the modern-day check. This led to him establishing Goldman Sachs & Co in 1869, with the idea of his son-in-law, Samuel Sachs, joining the family business. His own son Henry, sons-in-law Ludwig Dreyfus and Julius Sachs all joined as well.

The firm pioneered commercial paper financing and was a great success. So much so that Goldman Sachs was listed on the New York Stock Exchange in 1896. After stocks were made available, the company was valued at $1.6 million.

Not a family affair anymore…

After Marcus Goldman retired, his son Henry took his place as heir, but his reign was short-lived. After his father’s death in the early 20th century, Henry voiced his support for the Germans during the First World War. The Sachs brothers and the rest of their colleagues supported the Allies, and Henry retired from his position as senior partner in 1917.

The firm continued as a market leader in the industry and expanded, launching a closed-end fund, Goldman Sachs Trading Corp, in 1928. Unfortunately, the Stock Market Crash of 1929 resulted in its failure. The company persevered and kept doing what it did best: offering credit.

the goldman sachs mission and vision statement analysis

Across The Pond And Back

Just over 100 years after the firm was established, it opened its first international office in London, England. The company then started trading in foreign exchange, coffee, and precious metals in the 1970s. This tapped into South American markets as well. A new branch under the umbrella was opened in the 1980s to manage mutual and hedge funds, and it still does to this day. Currently, the company operates in over 30 countries.

The 2008 Recession

Former CEO Henry Paulsen was awarded the prestigious role to become Secretary of State under US President George W Bush and named Lloyd Blankfein the new CEO and Chairman in 2006.

The firm was hit hard in the recession of 2008 and needed a bailout from the US Treasury. The $10 billion payouts were not without repercussion, as the investment had to be repaid with a steep interest rate of 23%. The company that once gave credit had to rely on credit itself.

They had to add to their portfolio…

Fortunately, the company was able to recover with its extensive offering of financial underwriting and advisory division. This included risk management, restructuring, and corporate defense with mergers and strategic acquisitions.

Their reputation as a leading advisor on how to avoid forced hostile takeovers was established in the 1980s and carried them throughout the recession.

Coming out on top!

Goldman Sachs offers investment management and tax planning. This offers its clients solutions on getting the best bang for their buck, so to speak, to ensure that they are able to invest in property, stocks, annuities, and more, while tax deductibles such as charitable donations are carefully monitored.

Blankfein’s reign started with some difficulty. However, ten years after he assumed the position, he was one of the highest-paid executives on Wall Street, with a personal net worth of over $1.1 billion.

The New Normal

David Solomon stepped into the CEO and chairman position in 2019 after Blankfein’s retirement. Only a year later, the fateful pandemic had spread across the world, wreaking havoc on the global economy. The firm donated over $38 million to provide relief to its immediate and most devastated communities; employees, the homeless, the elderly, and others who were affected by the pandemic.

The need for digital workspaces and alternative solutions were quickly accommodated to enable more employees to continue working.

Only enter the office when needed…

The company also called for more investors and partnerships that would accommodate the “new normal.” Their research indicated that although many employees could return to the office, 50% sited that they would seek alternative employment if they could not continue working from home.

Although predictions indicate that full-time work-from-home positions would have pros and cons, the company modeled structures to accommodate it anyway, with hybrid positions where needed. This would enable workers to work longer and more productively at home, but still come to the office for creative and necessary brainstorming sessions.

Name Goldman Sachs Group
Industries served Finance, Megabanks
Geographic areas served Worldwide, 30+ countries
Headquarters New York
Current CEO (2022) David Solomon
Revenue $59.34 billion
Profit $21.64 billion
Employees 43 900

The Vision Statement

Goldman Sachs’s vision statement is to advance its mission to make it accessible for all by conducting its business based on its core values.

The Core Values

Client Service

Goldman Sachs can anticipate the needs of its clients and strives to serve them with innovative solutions that will provide the best return on their investments.

Excellence

The firm always hires the most qualified and competent workers with high standards and goals in mind to retain its status as a leading financial advisor.

goldman sachs mission and the vision statement analysis

Integrity

They value being transparent and accountable. So, always do what is right and maintain the utmost ethical standards of business.

Partnership

The firm prioritizes cultural and portfolio diversity to partner with like-minded entrepreneurs.

Additional Training In Finance

Let’s start with my Best Jobs For Economics Majors, as well Payroll Clerk Job Description, Payroll Specialist Job Description, or what about my Staff Accountant Job Description and Senior Accountant Job Description.

I’ve also researched a few financial roles, such as a Financial Analyst, and found the Financial Analyst’s Indispensable Pocket Guide, the CFA Confidential: What It Really Takes to Become a Chartered Financial Analyst, and the Absolutely Legendary Financial Analyst, Financial Intelligence, and finally Success as a Financial Advisor For Dummies to help point you in the right direction.

Or maybe you’d like to improve your skills as a financial advisor? For that, we recommend you check out Succession Planning for Financial Advisors: Building, or The 10X Financial Advisor: Your Blueprint for Massive, as well as The New Financial Advisor and The Financial Advisor’s Success Manual: How to, or my favorite, The Million-Dollar Financial Advisor: Powerful Lessons all available online in 2022.

And lastly, the ever-popular Success as a Financial Advisor For Dummies, or how about The Ultimate Financial Advisor Marketing System, the Knock Out Networking for Financial Advisors and Other, or even the Prospecting Through Positioning For The Financial to excel in what you do!

Slogan

As of 2019, the company embraced a tagline to appeal to the modern-day meme culture: “you can money.” There were mixed reviews. However, in its simplicity, it was a huge drawing card for the average person to invest with the company, as the campaign offered benefits of up to four times the national average on interest by opening a savings account.

All the very best working at Goldman Sachs!

References

Goldman Sachs Website

5/5 - (32 votes)
Share:

Leave a Comment

Your email address will not be published. Required fields are marked *

About Carmen Smith

Carmen grew up in San Diago but now lives in Boston. She loves traveling, experiencing other cultures, and basically exploring the world, be country at a time.

Her other passion is helping people find the perfect career. We spend 33% of our working lives at work, so it's ridiculous that many people do jobs that they do not enjoy. Carmen wants to change this and thinks that anyone who isn't happy in their employment should keep looking until they find something that they really enjoy. 

She firmly believes that "Everyone's perfect job is out there; it's just a case of continually looking until you find it."

Carmen lives with her husband Johnny, a keen birder who also loves to travel. He finds birds while Carmen makes plans for where they will be eating next...

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top