Read Goldman Sachs Response

March 14, 2012
Our Response to Today’s New York Times Op-Ed
By now, many of you have read the submission in today’s New York Times by a former employee of the firm. Needless to say, we were disappointed to read the assertions made by this individual that do not reflect our values, our culture and how the vast majority of people at Goldman Sachs think about the firm and the work it does on behalf of our clients.

In a company of our size, it is not shocking that some people could feel disgruntled. But that does not and should not represent our firm of more than 30,000 people. Everyone is entitled to his or her opinion. But, it is unfortunate that an individual opinion about Goldman Sachs is amplified in a newspaper and speaks louder than the regular, detailed and intensive feedback you have provided the firm and independent, public surveys of workplace environments.

While I expect you find the words you read today foreign from your own day-to-day experiences, we wanted to remind you what we, as a firm – individually and collectively – think about Goldman Sachs and our client-driven culture.

First, 85 percent of the firm responded to our recent People Survey, which provides the most detailed and comprehensive review to determine how our people feel about Goldman Sachs and the work they do.

And, what do our people think about how we interact with our clients? Across the firm at all levels, 89 percent of you said that that the firm provides exceptional service to them. For the group of nearly 12,000 vice presidents, of which the author of today’s commentary was, that number was similarly high.

Anyone who feels otherwise has available to him or her a mechanism for anonymously expressing their concerns. We are not aware that the writer of the opinion piece expressed misgivings through this avenue, however, if an individual expresses issues, we examine them carefully and we will be doing so in this case.

Our firm has had its share of challenges during and after the financial crisis, but your pride in Goldman Sachs is clear. You’ve not only told us, you have told external surveys.

Just two weeks ago, Goldman Sachs was named one of the best places to work in the United Kingdom, where this employee resides. The firm was the highest placed financial services company for the third consecutive year and was the only one in its peer group to make the top 25.

We are far from perfect, but where the firm has seen a problem, we’ve responded to it seriously and substantively. And we have demonstrated that fact.

It is unfortunate that all of you who worked so hard through a difficult environment over the last few years now have to respond to this. But, our response is best demonstrated in how we really work with and help our clients through our commitment to their long-term interests. That priority has distinguished us in the past, through the financial crisis and today.

Thank you.

Lloyd C. Blankfein
Gary D. Cohn

Chic Republic

I was invited to a brunch by a group of friends around 2p.m yesterday. On getting there, I observed how most women (mine being the exception) invited, wore suits for an informal affair. I’m of the firm opinion that every woman needs a couple of dresses in their wardrobes or closets whichever applies. Its’ also mind boggling the amount of money ladies spend on these suits. It could serve as my wardrobe budget for two years.

Today I’m introducing “Chic Republic” which aims to address this niche for women across Africa who love dresses and are desirous of unique pieces. Chic Republic is located within the heart of Lagos and accepts orders from women within Africa. I really loved the pieces I saw this morning.

You can place your order by clicking on the following link:

First 25 customers to place an order receive a 5% discount off their purchase. Do note that delivery takes 10 – 15 days only.

Ciao and have a fun filled weekend.

Note: This is a sponsored post

BiD Network – Women in Business

The sector competition organised by BiD Network opens today in its second edition. Women entrepreneurs can submit their business proposals for Africa, Asia and Latin America

Amsterdam October 20, 2010-
The Women in Business Challenge, a business plan competition to support women entrepreneurs in the development of small and medium sized enterprises (SMEs) in developing countries, is organized by BiD Network and made possible by its partners ING, ICCO, Plan Nederland and UnitedSuccess.

This competition starts today in its second edition. The first release, which was very successful, ran from October 2009 till January 2010, when five finalists were chosen from among over 200 business proposals.

Participants’ profile
Women, anywhere in the world, who want to start or grow an existing small and medium sized enterprise (SME) in a developing country. They seek finance in the range of US$ 10,000 and US$ 1 million. They either already have a full business plan or need help in developing their business plan. They have the ambition to grow the business in sales and numbers of employees. Plans will be accepted in English and Spanish.

For more information about the criteria and how to submit a plan click here

This Challenge brings two prizes. For the five finalists a business trip to The Netherlands for trainings, b2b and investor meetings. For the absolute winner, tailor made advisory services worth €5,000 from UnitedSucces, the worldwide network for business women owners
All participants will receive feedback to improve their plan and may require for a coach to assist them in the writing of their business plan.
Whether or not a participant becomes a finalist, all high quality business plans are eligible for the BiD Network Investor Matchmaking Services.

Award Ceremony
The award ceremony will be hosted by Plan Nederland in the framework of the “Because I am a Girl” campaign, in the summer of 2011.

Time line
December 15, 2010: Deadline for submission of plan application
March 15, 2011: Deadline for submission of completed business plans
Finalists will be announced in June 2011.