It is hard to believe now but there was a time before the credit crisis that the culture of investment banks had not always been linked to reckless greed and buccaneering.
Yes their darker dealings, regulatory failings and rising conflicts of interest were apparent to anyone with a passing familiarity with Wall Street or even the film of the same name. But there was also a positive side. Read more
To misquote from the work of Hanns Johst, the Nazi playwright: “When I hear the words corporate culture, I reach for my pistol.”
Few other management themes encourage as much cant and hypocrisy from companies, and as much waffle from those who study them. Yet a healthy corporate culture is vital to the well-being of most organisations. I’d go further and say that given the complexity of the largest multinationals – and the impossibility that their chief executives know what is happening in every corner of the companies they purport to run – the right culture is indispensable.
This is why Wednesday’s New York Times op-ed, in which Goldman Sachs’ Greg Smith resigns in spectacular fashion as executive director and head of the firm’s US equity derivatives business in Europe, the Middle East and Africa, is so interesting and – for Goldman – so potentially damaging. Read more