Chapter 5
Signs of Organizational Drift
IN THEIR FIRST LETTER TO SHAREHOLDERS IN THE 1999 ANNUAL report, the top Goldman executives wrote, “As we begin the new century, we know that our success will depend on how well we change and manage the firm’s rapid growth. That requires a willingness to abandon old practices and discover new and innovative ways of conducting business. Everything is subject to change—everything but the values we live by and stand for: teamwork, putting clients’ interests first, integrity, entrepreneurship and excellence.”1
Changes were happening, and the partners seemed to be making it clear that they wanted any changes carefully managed to maintain Goldman’s core values. But as the firm encountered decision-making dilemmas ...
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