Interview, Fireside Chat
The Exit Interview: Jake Siewert on the Media, Communications and the Role of Podcasts
- Key Personnel Transition: Jake Seward is departing Goldman Sachs after serving as Global Head of Communications since 2012 and hosting the "Exchanges at Goldman Sachs" podcast since its inception in 2015.
- Host Succession: Allison Nathan, Senior Strategist in Goldman Sachs Research, will assume hosting duties for the program moving forward.
- Strategic Communication Shift (2012): Upon joining, Seward initiated a proactive communication strategy to bridge the perception gap between the firm's internal culture and external media narratives.
- Cognitive Dissonance Mitigation: The strategy aimed to resolve the "daily cognitive dissonance" felt by employees between high internal satisfaction and negative external public perception.
- Risk Management Philosophy: Seward posits that corporations facing intense scrutiny cannot choose to remain silent; attempting to withdraw from communication is a "false choice" that fails to improve reputation.
- Market Perception vs. Reality: The core objective was to match external perception with the internal reality of the firm by virtually "walking" skeptics through the Sky Lobby and offices in New York, London, and Hong Kong.
- Media Landscape Evolution: The media environment has shifted from a manageable handful of legacy institutions (NYT, WSJ, Bloomberg) to a fragmented, noisy ecosystem dominated by social media, Substack, and independent journalists with reduced institutional loyalty.
- Revenue Impact on Media: Traditional media outlets face resource constraints as social media giants capture a larger share of advertising revenue, impacting their capacity.
- Direct-to-Consumer Content: Financial institutions now have the capacity to bypass traditional gatekeepers and tell their stories directly via podcasts, videos, and blogs.
- Podcast Evolution: "Exchanges at Goldman Sachs" has evolved from a one-person operation into a professional team production led by Liz Boyer, Sean Elms, Sam Grobar, Jane Kim, and others.
- Content Strategy: The podcast prioritizes deep-dive conversations with industry experts (e.g., healthcare, technology, agriculture) over daily market price commentary or short-term forecasts.
- Long-Tail Audience Model: The program targets specific, high-interest niches (e.g., mining, biotech) where traditional mass-market media often lacks coverage depth.
- Employee Engagement Impact: The program has served as a transformative platform for employees, allowing them to reflect on their work and introduce themselves to a broader professional audience.
- Notable Episode Highlights:
- Gary Cohn Exit Interview: Conducted prior to his transition to the Trump administration, focusing on his childhood and career overcoming a learning disability.
- Leadership Introduction: Separate episodes featuring Harvey Schwartz and David Solomon to introduce their backgrounds during their competition for the CEO role.
- Diversity and Inclusion: Interviews with Sean Legister regarding his experience as a Black professional at the firm and Fred Bava discussing racial inequity following the George Floyd protests.
- Organizational Advice: Seward advises future leaders to "run faster" toward change opportunities rather than waiting for total consensus, noting that significant innovation often involves taking calculated risks.
- Social Media Adoption: Early internal resistance viewed social media as "messy and dangerous," yet the firm successfully launched its presence with the support of Amanda Rubin and Lisa Shallott.
- Recording Date: The episode was recorded on April 28, 2021.
- Disclaimers: The content is not financial advice, does not constitute research recommendations, and views expressed are not necessarily those of Goldman Sachs.