What Happened to Goldman Sachs

Steven G. Mandis worked at Goldman Sachs from 1992 to 2004 in its investment banking, private equity, and proprietary trading areas. He assisted Hank Paulson and other senior executives on special projects and eventually became a portfolio manager in one of the largest and most successful proprietary trading areas at Goldman Sachs. Post-Goldman, he cofounded a multibillion-dollar global alternative asset management firm that was a trading and investment banking client of Goldman Sachs. During the financial crisis, Mandis was a senior adviser to McKinsey & Company before accepting a senior executive position at Citigroup. Currently, he is an adjunct professor at Columbia Business School and a PhD candidate in the sociology department at Columbia University. He holds an AB from the University of Chicago and an MA and MPhil from Columbia University.

ADVANCE PRAISE for "What Happened to Goldman Sachs" Bethany McLean, coauthor, "The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron" and "All the Devils Are Here: The Hidden History of the Financial Crisis"; contributing editor, "Vanity Fair"--"Steven Mandis's exploration of how the culture at Goldman Sachs changed should be required reading for anyone who is interested in how organizations evolve and in the culture of Wall Street more generally. Mandis resists judging the firm, but rather explains, thoughtfully and clearly." Donald MacKenzie, professor of sociology, University of Edinburgh; author, "An Engine, Not a Camera: How Financial Models Shape Markets"--"The financial crisis has shown us how little we understand about banks as organizations and about their internal cultures. Mandis's pioneering study is thus essential reading for anyone concerned about the future of the financial system." Gerald Davis, Wilbur K. Pierpont Collegiate Professor of Management, Ross School of Business, University of Michigan--""What Happened to Goldman Sachs" explains the organizational processes that led Goldman to drift from its vaunted 'clients come first' culture as it grew from a modest-sized partnership to a vast public corporation. Steven Mandis combines an insider's experience with the tools of sociology to show how pressures for growth resulted in the Goldman Sachs that we know today." Anat Admati, George G.C. Parker Professor of Finance and Economics, Stanford Graduate School of Business; coauthor, "The Bankers' New Clothes: What's Wrong with Banking and What to Do about It"--"Steven Mandis, in his thought-provoking book, shows how even a disciplined partnership aiming to put its clients' needs first can, bit by bit, become a large, complex corporation mired in conflicts big and small. Mandis's nuanced and convincing analysis reveals the key forces that we all need to worry about when it comes to banki