Vice Chairmen Goldman Sachs
Goldman Sachs Appoints Michael Evans, Michael Sherwood Vice Chairmen
WELT ONLINE, Germany -
The Goldman Sachs Group, Inc. (NYSE: GS) today announced that J. Michael Evans and Michael S. Sherwood have been appointed vice chairmen of the firm, effective immediately.
Goldman Sachs Names Evans, Sherwood Vice Chairmen
Goldman Sachs downgrades M&I The Business Journal of Milwaukee
Goldman Sachs appoints two vice-chairmen
Goldman Sachs Appoints Michael Evans, Michael Sherwood Vice Chairmen
The Goldman Sachs Group, Inc. (NYSE: GS) today announced that J. Michael Evans and Michael S. Sherwood have been appointed vice chairmen of the firm, effective immediately. Both Evans and Sherwood will continue to have global oversight of the securities business. Evans will remain chairman of Goldman Sachs Asia and Sherwood will remain co-chief executive officer of Goldman Sachs International. As firm vice chairmen, they join John S. Weinberg, who was appointed to that role in 2006. “Mike and Michael have deep experience at Goldman Sachs across a range of businesses and regions,” said Lloyd Blankfein, Goldman Sachs Chairman and Chief Executive Officer. “In their new roles, they will be directly involved with firmwide management decisions related to people and strategy.”
Mike Evans joined the firm in 1993 as head of Equity Capital Markets in London. He was named a partner in 1994. In 1999 Mike became the global head of Equity Capital Markets and moved to New York and in 2001 he became the co-head of the Equities Division moving back to London. In 2003, Mike was named global co-head of the securities business based in New York. In 2004, he was named chairman of Goldman Sachs Asia and since that time has been based in Hong Kong.
Michael Sherwood joined the firm in 1986 in the Fixed Income Division in London and became a partner in 1994. He spent a year in New York as co-head of the Capital Markets Group in the Americas, head of Corporate Bond Trading and co-head of Emerging Markets Debt and in 2001 was named head of the Fixed Income Division in London. In 2003 he was named global co-head of the securities business. He has been a leading force behind the firm’s expansion into emerging markets. Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.
http://newsticker.welt.de/index.php?channel=fin&module=smarthouse&id=683176
//////
Profile: Goldman Sachs – A Working University
Training and development the Goldman Sachs way is forward-thinking, top-down and cutting-edge. Annie Hayes talks to Thomas Osmond, vice president, Goldman Sachs university about its secrets of success.
Goldman Sachs key stats:
Think of Goldman Sachs and the pound signs start jumping. At an international bank where the remuneration on offer is mind-boggling and cash-pleasing you’d have thought that training and development play second fiddle as a retention tool to the financial rewards, but not so says Osmond: “Herzberg [the psychologist] was one of the first to point out that whilst paying people well is a great attraction tool it’s very weak at retention.” Goldman’s own research backs up this age-old theory.
What keeps the Goldman workers dedicated to the job is indeed much more than the take-home pay and it’s a concept that those at the top have bought into. Such is the dedication to nurturing talent and developing staff a whole ethos, philosophy and training model has been born – the Goldman Sachs University.
“Seven to eight years ago the learning and development function was integrated into, one and two years ago the Goldman Sachs University brand was created – it embodies our website, model, philosophy and name,” Osmond explains.
Plethora of programmes
Uncovering the bare-bones of this ‘university’ is a work in itself as there is a remarkable breadth to what is on offer – quantity certainly plays its part. Osmond proudly tells me that there are no less than 2,000 training programmes available delivering training that encompasses everything from products and market knowledge, leadership and management, professional skills, to diversity and inclusion awareness. It becomes apparent that the term ‘university’ is rather apt – for what is on offer is a universal education designed to ensure that Goldman staff are best of breed.
“Uncovering the bare-bones of this ‘university’ is a work in itself as there is a remarkable breadth to what is on offer – quantity certainly plays its part.”Thomas Osmond, vice president, Goldman Sachs University
The complexities continue. Osmond tells me that Goldman has recently shaken off its legacy for home-grown staff, indeed the university now also has to cater for ‘outsiders’ as the bank adapts to market conditions and its own rate of expansion: “Ten years ago it was true that we took MBA and university graduates but there’s been a shift, we’re keen to recruit in experience and that in turn has expanded the emphasis from training analysts to orientating all levels of hires.”
At Goldman, a waltz around the building and a quick flirtation with health and safety doesn’t really cut the mustard when it comes to induction. Indeed according to Osmond it takes 100 days. “The first step is about showing new staff what it is like to work at Goldman Sachs, there are videos, case-studies etc. The second step is about ensuring staff know where they need to go for various issues and then at about the four to six month mark staff are put through a day programme, a symposium. Learning,” concludes Osmond, is “a process not an event”.
That ‘process’ is very much a top-down event. At Goldman, senior business leaders are the teachers and professors. Osmond tells me that the chiefs and head honchos regularly take time out of their schedule to run a training event or teach a methodology – whether it relates to leadership or equity valuation. This does result, admits Osmond, in a leaning towards in-house training as the favoured method but it’s something they are proud of and Osmond believes it is important: “The Goldman focus is very contextual.”
A unique and modern approach
“Workers at the bank not only have to manage but produce at the same time, it’s unusual. We’ve created co-heads so two people run the business not one.” Management at Goldman clearly is unique and the best way to learn the ropes is from those on the ground that are doing it, it’s something that has intrigued clients too, so much so they are keen for a slice of the pie themselves. Client training has grown nearly 10-fold in five years as word has spread within Goldman and to its clients.
“Senior business people feel that what we’re doing is important and both the conversations we’re having and the time they invest indicate that they see the value’”
Unsurprisingly training delivery is thoroughly modern: e-learning, web casts, simulation to name but a few. Osmond tells me that the reliance on technology is crucial in ensuring the training is consistent across the globe: “We have to make sure we can train our people in Moscow even though we can’t always fly trainers out to them.”
I was interested to find out what employees thought of all the university’s efforts. Last year the bank won the Best for Training & Development award in The Sunday Times’ annual Best Companies awards for a large company. Among the top 20 big companies Goldman Sachs staff returned the highest positive scores, for 34 of the 70 points that make up the employee survey. These include having pride in working for the firm (88 per cent) and having a job that is good for personal growth (84 per cent). Surely a good indicator that the university is a people-pleaser and it’s refreshing to hear that in conflict with the numbers they are so clearly able to crunch they’re not so concerned with the return on investment (ROI) the university produces.
Osmond says: “Senior business people feel that what we’re doing is important and both the conversations we’re having and the time they invest indicate that they see the value. They’ve specifically said it isn’t worth trying to determine ROI – ‘it isn’t worth the time because we know it has impact’ said one senior partner. An attitude that has put them in pole position and raised the banking game.