Most of the country's largest investment banks have been firing CEOs, booking billions in losses and watching their stock prices dwindle. But Goldman Sachs is doing better than ever.
Today, a New York Times article discusses how the top bank on the Street has avoided the mistakes that others have recently made, citing the firm's culture and focus on managing risk. The Timesalso notes Goldman's dominance in the investment banking league tables, as well as the influence its alumni enjoy well beyond the financial markets. The firm has held the No. 1 spot in global M&A advisory six of the past seven years, and former Goldman alums include Jon Corzine, the Governor of New Jersey; Henry Paulson, Jr., the U.S. Treasury secretary; and Josh Bolten, White House chief of staff.
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In addition, Goldman executives also have their hands in some of professional sports' largest deals. According to the New York Daily News, two Goldman bankers were largely responsible for bringing Alex Rodriguez, who today was named Major League Baseball's Most Valuable Player for the third time, back to the negotiating table with the New York Yankees. Rodriguez is expected to sign a new contract with the team worth $275 million over 10 years.
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Although that deal sounds rather sweet, the star third baseman's approximate annual payout is well shy of the $65 million that Goldman Sachs CEO Lloyd Blankfein is expected to take home this year.