Conference Presentation, Keynote, Statement
Goldman Sachs at 150: Part 10 – Going Forward (2019)
- The organization anticipates becoming increasingly irrelevant without adaptation, expecting to undergo enormous transformation over the next decade and differ significantly from its appearance 10 to 20 years ago.
- Future outlook predicts a shift in service delivery through technology to access new client sets, including the creation of a digital platform for consumer engagement under the Marcus brand.
- Strategic plans include direct investment in women-founded businesses, backing of women fund managers, and the development of an ecosystem to accelerate diversity and representation to align with broader society.
- The firm expects a significant increase in the number of talented women progressing through the ranks and aims to attract young talent by fostering an open, inclusive environment.
- Long-term operational strategy involves playing a longer-term game beyond quarterly shareholder interests, moving toward stakeholder capitalism that considers community, environment, and employees.
- Core principles regarding teamwork, client service, and trust are expected to remain constant for the next 150 years, even as the firm's methods of delivering services evolve.
- Talent acquisition plans involve a rigorous selection process where candidates undergo approximately 45 interviews, while retention efforts focus on helping employees develop self-awareness and encouraging tenures of 20 to 40 years.
- Uncertainty regarding cultural strength is acknowledged, with the view that while challenges will create visible seams, the organizational fabric is expected to remain intact despite a world that is unlikely to become easier.
- The firm intends to contribute positively to society by influencing meaningful issues and ensuring capital is allocated globally to support efficient credit extension for viable businesses.
- Material risks include the potential loss of uncorrelated perspectives if stereotypes cause self-withholding, alongside the acknowledgment that significant progress remains necessary regarding diversity despite current gains.