Updated Oct 14, 2008 4:49 PM EDT
has weathered the economic crisis better than any other investment bank because it perfected unusual hiring and management practices. Goldman looked to hire people from working class families with outsized ambitions, betting correctly that they would work extremely hard for the firm, and that they might have a certain level of humility. That was important for the management style it adopted in the mid-1970s, when it started using co-chairpeople to manage the firm, and even co-department heads.
A thoughtful review is Rich Bank, Poor Bank, by veteran journalist and author George Anders.
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