48
-16%
7,599 $m
Goldman Sachs
Over the past year, Goldman Sachs has experienced negative sentiment from both inside the financial community (in the form of analyst downgrades), and outside (Occupy Wall Street), and even within the company (Greg Smith’s “Why I Am Leaving Goldman Sachs” letter in The New York Times). Smith’s scathing missive struck such a chord that Goldman Sachs experienced a USD $2.15 billion loss in valuation in a single day. Furthermore, the firm’s cost-cutting maneuvers, in the form of layoffs, and accusations regarding betting against clients, seem to be at odds with its core client service values of “integrity, fair dealing, transparency, professional excellence, confidentiality, clarity, and respect.” In response to the controversy that has unfolded since 2008, Goldman Sachs continues to push its corporate citizenship efforts closer to the forefront and emphasizes a renewed commitment to transparency, risk management, accountability, and rigorous measurement of results. Though the firm appears to be committed to becoming a better institution, questions regarding the authenticity of its efforts continue to dampen their effect. Despite the negative press it has received, Goldman Sachs continues to meet its customer needs. Now, the firm must manage its reputation carefully to avoid further damage and restore its former luster.