38 Burst results for "Goldman"
Fresh update on "goldman" discussed on Bloomberg Businessweek
"My great honor to serve as your commander in chief. I look forward to hearing your active duty and recommendations of how we don't work together. Keep the American people safe. Meet every challenge in the 21st century. I wanna thank you both. And I want to thank the second the the former general. I keep calling him General. My my guy who runs that outfit over there. I want to make sure we thank the secretary for all he's done to try to implement what we just talked about, and for recommending these two women for promotion. Thank you all. My God bless you all and may God protect our troops. Even listening to President Biden, preceded by Vice President Kamala Harris. Really the main takeaway their focus on the U. S military women in military specifically on this international Women's day from achievements to also creating greater scrutiny when it comes to difficult issues like such sexual harassment specifically within the U. S military so again. The president making some comments that all right, let's get another check on well the National news for that It's over to D C and an KTM. Hi there, economist of Goldman Sachs will leave the U. S. Is on track for unemployment boom this year, Bloomberg's Amy Morris has more from Washington, D. C. Goldman Sachs outlook is more optimistic than other forecasts. They say reopening fiscal stimulus and pent up savings should fuel growth. They predict the 6.2% unemployment rate will fall to 4.1% by the end of this year. They also expect participation in the jobs market to pick up as more people are vaccinated and life starts to get back to normal. One thing to consider during the crisis, more employers invested in automation, creating a bigger gap and worker skills in Washington, I maybe. Morris Bloomberg Radio, the CDC has issued updated coronavirus safety guidelines. Fully vaccinated, people can meet freely in private settings with other fully vaccinated people. Several restrictions remain, including advising against travel and recommending mask wearing and public. Those vaccinated can also meet with people who are not vaccinated from a single household who are at low risk without wearing masks or distancing, such as vaccinated grandparent's meeting their unvaccinated adult child. Jury selection has been put on hold today in the trial of former Minneapolis police officer Derek Children. He's charged with second degree and unintentional felony murder and second degree manslaughter and the May 2020 death of George Floyd, who said he couldn't breathe after Sheldon put his knee on the black man's neck now the judge in the case says he does not have jurisdiction on whether a third degree murder charge should be reinstated. Let's get a check on the markets and business headlines with Charlie Pellets.
Heart problems may be rare in pro athletes after COVID-19
"The new cardiac study shows professional athletes who contracted covert 19 were able to return to competition safely and without signs of heart disease, NPR's Tom Goldman reports. The study published in JAMA cardiology involved 789 athletes diagnosed with Covert 19 They were for Major League Baseball, the NFL NBA W NBA Major League Soccer and the National Hockey League on Lee five of the 789 later head. Inflammatory heart disease. Three with my own card itis, too, with pericarditis. None of the athletes had been seriously ill with covered 19, but the five with cardiac disease had more severe initial covered symptoms. Concerns about heart problems came up last year as sports leagues debated whether or not to play during the pandemic. Despite the positive news about professionals, the study says similar research is needed for youth, college and masters level athletes. Tom Goldman NPR
Fresh "Goldman" from Bloomberg Businessweek
"Certainly gives me hope is well, Andrew. I'm strong tweeting earlier today, it could get even better because the JJ It is going to start being incorporated. Yeah, really good stuff. Are you're listening to Bloomberg Business Week. Let's get a check on world. The National news for that It's over two and cakes in D. C hey, and by their jury selection has been put on hold today in the trial of former Minneapolis police officer Derek Shelburne is charged with second degree unintentional felony murder and second degree manslaughter in the May 2020 death of George Floyd, who said he couldn't breathe after shelf and put his knee on the black man's neck. Now. The judge in the case says he does not have jurisdiction on whether our third degree murder charge could be reinstated. The CDC has issued updated coronavirus safety guidelines. Fully vaccinated, people can meet freely in private settings with other fully vaccinated people. But several restrictions remain, including advising against travel and recommended Max wearing in public. Those vaccinated can also be with people who are not vaccinated from a single household. Or low risk without wearing masks or distancing. Economists at Goldman Sachs believe the U. S. Is on track for unemployment boom this year. Bloomberg Sammy Morris has more from Washington. The Goldman Sachs outlook is more optimistic than other forecasts. They say reopening fiscal stimulus and pent up savings should fuel growth. They predict the 6.2% unemployment rate will fall to 4.1% by the end of this year. We also expect participation in the jobs market to pick up as more people are vaccinated and life starts to get back to normal. One thing to consider. During the crisis, more employers invested in automation, creating a bigger gap and worker skills in Washington, I maybe Morris Bloomberg radio. The U. S death toll from covert 19 has topped 525,000 with more than 29 million confirmed cases. As vaccines continue to be rolled out across the country. President Joe Biden is rethinking Trump Administration policies that we could how colleges and universities that get federal dollars handle sexual assault accusations on campus. Mobile news 24 hours a day and on Bloomberg Quick, Take a man Cates. This is Bloomberg. What you've.
Heart problems may be rare in pro athletes after COVID-19
"There's good news for professional athletes infected with the coronavirus. Almost all athletes involved. The new cardiac study were able to return to play safely with no evidence of heart disease. Been a concern in sports during the pandemic is NPR's Tom Goldman reports. The study published in JAMA cardiology involved 789 athletes Diagnosed with Covert 19 They were for Major League Baseball, the NFL NBA W NBA Major League Soccer and the National Hockey League on Lee five of the 789 later head. Inflammatory Heart disease. Three with my own card itis, too, with pericarditis. None of the athletes had been seriously ill with covert 19, but the five with cardiac disease had more severe initial covered symptoms. Concerns about heart problems came up last year as sports leagues debated whether or not to play during the pandemic. Despite the positive news about professionals, the study says similar research is needed for youth, college and masters level
Fresh update on "goldman" discussed on Balance of Power
"Flying tactics years that benefit from an expanding economy. This Bloomberg business Flash. I'm John Tucker, the newsroom S and P 500, heading for a second day of gains after selling last week sent it into a tailspin of about 5%. Had material producers and the financial firms leading the gains after longing and lagging behind most of last year as fine all the nervousness among investors about sky high valuations and rising rates equity strategist or is bullish is ever Abby Joseph. Cause in your investment strategist at Goldman Sachs is expected the S and P 500 to end the year at 4300 implying a 13% increase from current levels right now, the S and P 521 Up six tents at 38 63, the Dow Up 480 on John Tucker. This is balance of power on Bloomberg. Television and radio. I'm David Weston for Bloomberg. First word news. We go now to Mark Crumpton. David. Thank you. The U. S Centers for Disease Control and Prevention today issued new, long awaited guidance for what fully vaccinated people can safely do. Theo agency says those inoculated can visit indoors without masks. But my still wear them in public and avoid large gatherings went around those who aren't immunized or are at high risk for contracting covert 19. Here in New York, the highest ranking state lawmakers are calling on Governor Andrew Cuomo to step down, He says there's no way he'll resign. Five women have now accused Governor Cuomo of inappropriate conduct. In his administration also faced federal investigations into whether he covered up coronavirus deaths in nursing homes. New York City is preparing to reopen high schools for in person learning starting March, 22nd returning students in the nation's largest public school system back into the classrooms one year after the pandemic, forced to shut down High schools will be the last school buildings to open in the city. Elementary schools reopen for in Person Learning last fall and middle schools opened last month in China. Exports surged the first two months of the year that reflected strong global demand for manufactured goods. The figures were partly skewed by a low base last year. When the economy was in lockdown, Exports jumped almost 61% in dollar terms. Global news 24 hours a day on air and on Bloomberg quick take powered by more than 2700, journalists and analysts in over 120 countries. More. Crumpton. This is Bloomberg. Thank you so much. Mark. Microsoft says that the Chinese government backed group has hacked ended its business.
How To Make Better Decisions, Faster With Matt Bodnar
"Every day were making decisions. Now hopefully take our business to the next level. What do we do with this particular team member. How do we find the best vendor. What colors and fonts should go on the website for next marketing campaign and hundreds of other decisions like these that we have to make every single week. The stakes are high. We can't afford to make a bad decision from the ramsey network. This is the entreleadership podcast where we business leaders grow themselves their teams and the prophets. I'm your host. Daniel tardy am i guess. Today is matt bonner match the chairman at fresh technologies and he's done a lot of cool stuff. He's helped star businesses run businesses launch. New business turn businesses around and especially as passionate about helping businesses scale up from the startup stage to be in a big deal. He knows a lot about decision making strategy and how to align our behaviors with our goals. But he didn't start out in this space in fact he actually started out as a successful analyst on wall street. He was making a lot of money at goldman sachs and so. I was super curious to ask them. Hey matt why did you leave. One of the biggest influences in this is a book. That's influenced me tremendously. Was the four hour workweek. The whole tim ferriss thing and so reading that and really thinking about what do i want to do with my life. And and where do i wanna spend my time and and thinking about. I mean in a place like that you can see the trajectory. Stay here fifteen years. I'm back. I if i stay here twenty years on that guy etc and so i could see what the future looks like and all they wanted to do something more entrepreneurial and i had this epiphany i was reading this article on bloomberg about one of the founders of google. I forget if it was larry page or or sergei would basically set this thing. And they've saying you know which everyone is. The ceo at the time and their salary was one hundred thousand dollars and as a first year analyst at goldman. My salary was more than that. And so i read the article and i kind of had. This chuckled to myself as like a twenty one year. Old or twenty two year old. And i'm like. I'm so awesome like i have a bigger seat salary than the ceo. Google and then literally there was a comma and the next half. The sentence was like andy's worth twenty seven billion dollars stock or whatever and so it was just like an anvil like crushing on the head. That was like oh. You don't get wealthy from a salary you get wealthy from having equity in something and that was really. That was a big difference for me that that made me realize that having a having a high salary doesn't really mean it helps but but ultimately ownership equity is really where you generate the most value. So did that. Prompt you to think i wanna start my own thing. I wanna build something. My dad's a very successful restaurant tour and he he had been doing. A bunch of stuff in nashville. And kind of the southeast. Broadly for you know. While i was in middle school high school all that stuff and he was always when i was up at at goldman he was always like a bug in my ear. Hey come back and you know. Help me out. Come join me join me. And so eventually I answered that call in and move back to national got involved with him in a in a company called fresh hospitality which is an investment business. Essentially that invests kind of across the food and restaurant world and scales various different restaurant brands. How big was the team when you joined basically me my dad My brother and one other gentleman whose name was nikola haggas is basically four of us at the time and There for yeah. Yeah and i mean there were there were other. I mean we were essentially almost like a small private equity or venture capital firm and so I mean the operating companies that we invested in obviously had a bigger sure employees based but really that was it at the beginning. And and since then we've built this whole kind of ecosystem and infrastructure of businesses. You've worked with a lot of businesses here locally many that. I've personally been a patron and i remember martin's barbecue when we went when they were a little like double wide trailer out. South nolansville autobody shop was yes barbecue around. And nobody knew who they were. Unless you live like right in that little community and now i mean if if you know martinsburg if you've been in nashville you know martin's barbecue i mean it's just it's the spot that you go if you're a nashville I'd love to hear that story. You know i mean you you you guys. Clearly were part of them you know becoming a big deal and kind of putting him on the map And i know you guys do that with countless other. You know restaurants But how do you. How do you find the martin's barbecue when they're just this little local story and nobody really knows who they are. I mean we're we're at a point. Now where and i think you see this in a lot of different businesses where you get inbound deal flow right and so i mean we. We met pat actually through a A point of sale reseller that we that we had a relationship with was selling terminals and that he's a hey. This guy's got a really cool thing. You should go check it out and so we went and we went and just had lunch. They're checked it out and got to know him and You know helped partner up from from day. One when they were back over that little auto body shop and You know our whole thesis for for how we invest in a company's specifically within the fresh Platform is we have this whole ecosystem that we've developed over the last decade or so of everything from technology to accounting to Real estate expertise marketing the whole the whole suite of services that sit around a business and we go in and we ate we provide them growth capital but we also provide them what we call our intellectual capital of all those different things to help them scale up and so you know we. We plugged that infrastructure in and really helped him. I identify a great site. And that was their store nolansville. That they moved to that was across the street. The kind of bigger flagship store and then started very strategically looking at. Hey what are some other great opportunities for this brand and and really one of the biggest strategic decisions we made up martin was we ultimately decided that we needed to have a presence downtown and to to truly be a competitive player in the in the nashville barbecue space and plant our flag so to speak. We we needed. We needed something downtown in. That's how we ended up ultimately finding the property at martin's we call it rutledge but the downtown martins barbecue and and that's we now we sort of we. We jokingly referred to it as the mothership because it's it's this behemoth compared to the other typical martin stores but it's been a really great opponent of that business.
Ex-U.S. Olympics gymnastics coach charged with sexual assault
"Of the sport's most prominent coaches, who had ties to the to the notorious sports doctor, Larry Nassar has killed himself. John Getter, took his own life just hours after he was charged with two dozen crimes, including human trafficking. And sexual assault get led the U. S women's gymnastics team to a gold medal at the 2012 Summer Olympics. Joining us now is NPR Sports correspondent Tom Goldman. Hey there, Tom. Hi, Mary Louise. What else do we know? Well, we have confirmed that John get hurt, killed himself. Hours after he was charged. He was supposed to turn himself in this afternoon. He'd been investigated for the last three years. His investigation grew out of the Larry Nasaa retrial. Yes, sir, of course, was convicted of sexually abusing many, many female athletes, including some of the most famous U. S Olympic women, Jim Nous, and throughout his investigation get, ERT steadfastly maintained his innocence and that he wasn't aware of what NASA or was doing. Well, what else do we know about this? There were two dozen charges that the state of Michigan announced today. What what exactly was getting accused of having done? A Michigan attorney General Dana Nessel, um announced yes, the two dozen charges and 20 of the 24 counts for for human trafficking and forced Labor and Attorney General, Nestle explained. Human trafficking charges in a press conference today, it is alleged that John Getter used force fraud and coercion against the young athletes that came to him for gymnastics training for financial benefit to him. Victims suffer from disordered eating, including bulimia and anorexia, suicide attempts and self harm, excessive physical conditioning. Repeatedly being forced to perform even when injured Extreme emotional abuse and physical abuse, including sexual assault. Now. Mary Louise, Um Attorney General, Nestle acknowledge that cases like this don't often involve human trafficking, she said. We think of it predominantly is affecting people without the means to protect themselves from this type of crime. But she said, it can obviously affect all types of people in this case, young elite female athletes and she said. The alleged victims still carry the scars of those crimes to the state. Yeah. I said there are ties between Get ERT on Larry Nassar. What were the ties? Yeah, we'll get her was AH, longtime owner and coach at a gym near Lansing, Michigan on Git was there where hundreds of women say Larry NASA are abused them. Now Starr was the team physician and in house medical expert and get her. It's Jim for about 20 years. One of the charges today was that get lied to police about Nassar's role as the physician at his gym get hurt, allegedly told police he had never heard any complaints about Nassar's treatment of athletes. Although at least one prominent athlete contradicts that. She said she was with a group of fellow Jim Nous and get hurt, and she mentioned that NASA had abused her, She says her teammates gasped. And get hurt. Didn't react. USA Gymnastics suspended Get her during the nests are scandal and get retired in 2018. And finally today following his death by suicide, Rachel den Hollander, the first to publicly accused ness or of sexual abuse. Tweeted this so much pain and grief for everyone to the survivors. You have been heard and believed, and we stand with you. Thank you for telling the truth. NPR's Tom Goldman reporting. I think you told me you're welcome.
Goldman Sachs CEO slaps down 'aberration' of remote work
"All in one. Well. Many companies, especially tech firms are planning to make remote work permanent. Goldman Sachs. Once people back in the office CEO David Solomon considers all virtual connection and aberration that interferes with proper collaboration that innovation, especially at the intern and apprenticeship level during a Credit Suisse Virtual Financial Services forum, Solomon
'Operational error' causes Fed payment system to crash
"Went down this afternoon, according to a website for payment services operated by the central bank. Spokesman says quote a Federal Reserve operational error resulted in disruption of service in several business lines, THEA outages widespread across the payment systems maintained by the central bank. Including the vital automated clearing house system, known as Fed a CH and the Fed wire funds. Interbank transfer service. Goldman Sachs shares up now by
Tiger Woods ‘Responsive And Recovering’ After Suffering Serious Leg, Ankle Injuries In Los Angeles Crash
"Representatives for golfer Tiger Woods say he is awake and recovering from surgery after a serious rollover accident yesterday in Los Angeles County. NPR's Tom Goldman reports, Woods suffered severe leg injuries. The statement said. Tiger Woods had a long surgical procedure to repair seriously injuries, including fractures in his lower right leg and ankle in yesterday's early morning crash. Woods SUV was traveling at what the L, a county sheriff said, was a greater speed the normal when it went out of control on a sweeping downhill curve in a hilly area outside downtown L. A Sheriff's deputy first on the scene said Woods was lucid and calm and there were no signs of impairment from alcohol or drugs. The car rolled several times during the crash, but the interior cabin was largely intact. That and woods wearing a seatbelt, authorities said.
A new way to invest that doesn't involve buying stocks hyped on Reddit
"So lately. All the buzz his been about well. Bitcoin and other crypto currencies. Bitcoin recently fifty thousand dollars a bitcoin and people who've been buying the stocks that are being touted on read it and it was all that mess that went on with Game stop and other stocks. That went up like rockets and then like rockets can do crash back down to earth and my son is in this investing group at school. He's fifteen and they're investing not real money but they all have their stock portfolios and wanna read you to texts from him from this morning. They're really funny. Is said in the last nineteen minutes. My stock portfolio dropped by six sixty. Then he texts me eight minutes later and these eh. then it went up by eight hundred dollars. And i the other night. When he was trapped. In the car with me i started boring. I'm trying to talk about how my philosophies investing work very differently than matt worrying about day trading and options and all. That was going to happen up to the minute and if you thought a father could be more irrelevant to sun then i was that minute you you couldn't be no interest in anything i was saying because to him. This is sport and that's what investing has been of late call. Investing is really speculating. And that's not my thing. I mean i'm the dulles person alive and i invest in a dull way because the ideas i wanna make money over time and so. That's why i get excited about really accessible. Investing opportunities for small investors did allow you to build reasonable wealth over time instead of trying to get the quick score and my son's a sharp kid hill. Eventually get it and will not that. It matters what you're buying and selling minute by minute. And by the way he's asked me if he can have a real investing account. Will you know you'd have to have what's called a custodial said yeah yeah where where you were the pretend owner but i'm the one doing the investing and i don't know what to do you know. Give them a couple of hundred dollars and let him play. And maybe learn the value of term investing. But you know it fifteen. What is long term. That's like three days from now. It's hard to explain a concept where you build wealth over time well do you know goldman sachs is goldman sachs is for rich people like crista. People was massive amounts of money. Who work with a personal financial manager. Who handles their money for them. That's right krista. That's what you do with your millions. Yeah no no okay. So there are. There are very wealthy people. That's what they do and goldman sachs has been doing some stuff lately that doesn't fit at all their historical pedigree They're the ones that issue the apple card for people that have the apple credit card and they have Savings accounts and all that kind of thing with no minimums will now. They've launched some cold. Marcus invest which allows people to use goldman sachs incredible financial analysis investment analysis till build robo investing portfolios for you using very low cost funds. And this is something you would ask somebody. Ten years ago if goldman sachs would ever being looking to provide investments an investment advice to everyday ordinary. People they'd say you're crazy. That will never happen. Well they're not doing what fidelity investments does where a dollar is enough to open an account many cases schwab one hundred dollars. They're doing what vanguard. Does you have to have a thousand bucks to open an account but once you have that thousand you can get advice that is tailored to your personal financial goals and outlook. The money can be and a retirement account or an investment account use what are known is exchange traded funds. Etf's and typically for the advice and the investments you pay roughly a third of a percent per year for them to handle your money. So i guess ten thousand dollars be thirty five bucks a year. Is that right. I think that's about right. three dollars. Fifty cents on a thousand. I think that's right so this is an opportunity for you to do. Investing through the nation's big boys big money houses and their whole business plan is pretty similar to what you'd have if you were with Betterment or wealth front that really started this whole investing idea. And i'm sure neither of them are very happy the goldman sachs through. Marcus invest is playing in their ballpark.
90-year-old braves snow and distance for COVID-19 vaccine
"They got some stones Seattle over the weekend, and it didn't stop a 90 year old woman from making her way to get her first dose of a covert vaccine. Fran Goldman. 90 years old, tells the Seattle Times she had scheduled her Sunday vaccination appointment last week didn't know a major snowstorm was on the way. A foot of snow fell. And when Sunday morning came she put under snow boots multiple jackets set out from her home to walk three miles to the Seattle Children's Hospital. And then three miles back home. Goldman says she'd been making multiple calls every single day and scouring the Internet. Just try to find unavailable appointment slot. Now that she's gotten her first dose of the vaccine, Goldman says she can't wait to hold her great. Grandchild
Seattle woman, 90, walks 6 miles through snow for vaccine
"You may have marveled at the massive amounts of snow that fell this weekend. 1 90 year old Seattle woman said. Oh, and put on your walking shoes ran. Goldman was determined to get a Corona virus vaccine no matter what. The 90 year old Seattle woman walked six miles round trip through heavy snow so she could keep a covert 19 vaccination appointment. She wasn't about to miss the opportunity since she spent hours trying to sign up for the
The Trial Of The Chicago 7 With Director Aaron Sorkin And David Fincher
"Aaron thank you for letting me do this thank you for doing. I hope it's not just the right amount of excruciating. But but i wanna i wanna i wanna move this. I want to try to cover as much ground as possible. Because you know. I'm easily board but But i also want to give you But i have sort of subdivided in terms of you know just overall kind of progressions in in in casting and production and post production. I wanted to start. I I've always found your writing appealing personally. in the same way that i always love bill goldman's and and the reason for that is you're a decidedly serious person who is actually writing comedies about a dramatic ventures that have real stakes and end the example. That i have is like butch and sundance where they're debating the different ways that the super policy might kill them when he says they could go for position they can start a rockslide. That could get us that way. What else could they do. I'm treating the next line. But it's a could surrender of albion account on that. Tell me about and that was a occurred to me on social network that that you were that you were doing this thing that the the writing the the storytelling was extensively Comic in in. And i don't mean that in a derogatory lightweight sense It was wildly entertaining in talking about things. That were you know. truly dramatic and is not a is that something that you're conscious of or am my of of disappeared on my own. It's something that i'm conscious of and by the way bill goldman mentor me. Beginning from mike early twenties you know he passed away a few years ago. You know. we're very close. He was teaching me before we met with his with a screenplay with A nonfiction and then he a red by i play which was a few good men and he saw something in me. And if you want to teach me how to write screenplays but yes. I always think first of all if you can tell serious story. Funny you're you're doing yourself a big favor. Part of it might just come from an insecurity. Maybe a healthy insecurity of a comedy drama. I am not good enough at Either events do only one of them commit something pitches while or their other. I mean obviously goldman is one but are there other Heroes personal screenwriting heroes at. You can point to in sort of say this is. This is something off from them or their work. This is something that you know. Certainly tchaikovsky the answer is our number screenwriters in patty tchaikovsky For a host of reasons. Both my brothers herman joseph Billy wilder true There are things. I get from a contemporary screenwriters as well. Tony kushner quentin tarantino Amanda So i'm i'm i'm easily influenced i and the ad as a screenwriter at a now that a i've directed a couple of films I really i try to be a diagnostician. Mom I'll watch you watch film of yours Not necessarily social network Any of them. I'm end up a love. Something and i'll try and reverse engineer. I will try to in my mind. First of all figure out what it was i loved about it and then try to figure out how you got
The Changing Economics of Ad Fraud
"The same way that goldman is making a little bit of a new bet and clear. Sky and nitrogen are very security focused. There's a little bit of a new focus for white ops. As well brian i mean you're you're moving beyond just bought fraud in advertising and I interested to learn. I didn't realize this was such a big thing. But i guess it's just because it's not something i focus on that fraud in music streaming for example is a massively growing problem because if you can boost the number of listen than if that's really helpful For for whatever reason you can explain it and so a little bit about that sort of thing and some of the other new areas of focus for you guys beyond advertising. Sure we'll to to tell you about that The expansion that's happening now Obviously take you back to twenty twelve through twenty fourteen win when you and i first met the in the summer of two thousand twelve attracted us to botnets in net. Detection was the officer vacation. That were were the kind of force multiplier behind a variety of different kinds of cybercrimes Secretary that win done in onesies and twosies just be a nuisance become a multimillion dollar cybercrimes when you can scale them up by using home in japan and in the early days in fact if you look at our earliest patents. You'll you'll see that. There is no reference to advertising Were were really thinking about financial services actually It was it was in the pursuit of the investigation into that theory that that bought nets were a critical layer in other ways. Different crimes that we discovered the surprising scope of ad fraud. And that got us curious. We we were wondering how big of a problem it really was in. And so the genesis of that great study with the and Was was not just to raise awareness of the problem marketers. It was actually to just do the the best scientific study we could to try to quantify. Just how big of a problem. This was to see if it was something that we white up your take on 'cause the the founding ninetieth white ops is steph fight cybercrime economically. We wanna take on those crimes of scale and making them substantially less profitable so we should start with the ones that are the most profitable and i. I don't think anyone knew exactly. How big of a problem at really was in in specifically the the botnets scaling fraud. So in we didn't either we really just trying to find out in then that turned out to be a big big problem so it therefore deserved our initial focus fast forward to today I think is that the the whole industry has made remarkable progress The awareness of the problem led to collective action That collective action has led to a number of victories including a remarkable number of of industry collaborations to not just sort of fight off ad fraud but actually dismantle ad fraud operations in so while that fight is not complete I think that we you've really turned the tide in important ways and and so therefore now is the time to expand our reach so we can do the same sort of thing for other categories of victims. How has the tide turned. What are some examples. I guess beyond the greater awareness and collaboration among advertisers and publishers and a new trade organizations companies like yourself. Because collaboration is is great is a great thing but then you always have to think of a parallel. I actually think of fraudsters collaborating. I don't know maybe they have differences. They build their own technology so it almost feels like there are always equal and opposite reactions to action and so of course that's the classic arms race kind of You know reference that everybody makes but where where some specific areas of progress. I'm glad you asked Win win when we started and and and even for the early years afterwards it was relatively easy to purchase traffic for your website. You can just by visitors as visitors. Were on tap. There were wide variety of vendors of traffic The that you could pay via credit card or paypal And just turn on the traffic spigot and with this meant is that websites large and small that wanted increase visitors in order to up just over at more bidding opportunities or maybe to fill special kinds of orders. could could always turn to these traffic sources to fill any kind of order on demand That problem was pervasive and it was widely predicted. When we started that we would not be able to solve that problem that we'd have no impact on it because of a perverse incentives across the the supply chain now. Those vendors are gone It it used to be as easy as doing a google search to find traffic vendors That they weren't even on the dark web. There were many that were simply on the open. Web And would accept payments credit card The the trade and traffic has not been eliminated but it is substantially harder to to buy traffic It's substantially more expensive to to buy realistic looking fake traffic. That'll actually get the by your paid And what that means. Is that ad fraud to those players. Those traffic arbitrageurs ubstantially less attractive crime. It's it's harder to do and and you make less money doing it. So fewer people are doing it the win when you hear talk when you hear kind of cynical talk about arms racists. That'll never and about games of lacombe. Oh that will never end I think those simplistic metaphors miss an important winning condition. Which is maybe. We can't make this kind of fraud. Technically impossible but if we substantially reduced the incentives just make it less profitable. Fewer people will want to play the game And that's been happening. Unfortunately as saying a. The job's not done because while we've we've driven a lot of that fake traffic and traffic arbitrage out of markets and environments. That were absolutely right with broad lake. digital video You certain fraud operations. And even new ones have had just sprung up in In new parts of the digital ecosystem. So so i don't mean to paint an overly rosy picture but but there's simply no question that on an economic basis we've substantially improved the landscape over the past several years.
What Is Your Back Catalogue Worth?
"What's asiapac. A low worth has an intrinsic value to you as well as the audience. You're creating for go back catalogue is when you create work. This not just focus on what's current but takes account of the longer term. It's content that pertains fairly because there's something universal and perennial about it in this way. Not only is it valuable to others. It also helps manual position in the marketplace. Currently there's a flurry of music. Artists alina back catalogs. The lives of bob dylan new young secure of done it even dolly parton thinking about pissing beat to be head so if you build an audience share content defines. Its home of your audience. Your back catalogue can also become something. That's desirable catholic. A work is your audience can always access. It's worth the grows and evolves alongside your audience. You can become a self replenishing goldman in times of new clients have improved that you'll someone who does the work and potential clients getting comfortable with your approach. A website that shares one or two articles every now and then feta video and if you four-page e books does not come across as high value however one of the back catalogue of regla audio writing and video content posted over a period of time suggests is a place of value to us on a u. at the media online in two thousand and twenty joe pelosi said to everyone but anyone michelle content if it went tomorrow. If not your content you have a problem a back cutler means you invite days that you share today but also track record that shows. You're someone who keeps and has kept on giving me never become irrelevant by choosing to rest for used in the past with touring on home to the ever-growing increase in streaming. We're seeing a trend for music. Artists selling the rights at back. Catalogues artists unrealized by a cashing. In on the value of songs they produce david as uk based rotea fund. Hypnosis is obtaining the rights to artists from blondie to mark ronson in the sky article musical journalist. David sinclair said. If you're talking with the idea if you're a rockstar. If you bob dylan you're thinking to yourself. This might be time. He's getting twenty using comp one year right that in a lump sum in sakir who sold the rights to one hundred. Thirty five songs to hypnosis. I'm humbled that songwriting. And given me the privilege of communicating with others being a part of something bigger than myself autism now handing over the word ridden and shed over the years for fake off certainly does not mean tied in this context. This story of selling bank catholics chimes with how we in the beats a bass bass produce work for an audience. It proves that when you work is relevant to others this more reason to keep going the blog articles you produced back in two thousand nine nineteen. Maybe didn't get many views when they were first published. But that doesn't mean the not value sitting within your overall bank of work similar to music artists. Your job is to keep plane so that you keep developing your audience when people find you they can then join the dots and get a more complete picture of y you share is relevant to them. Those articles that received little traffic into nineteen are important in the context of your overall efforts. A moment in time should not be your only anka booting up a back catalog of which shows in your work over time making it easier for people to make a decision on whether to buy or subscribe. Starting the a space that people can visit but also record of how you've developed in the music industry return longevity. What about you. How will you know wherever you're back catalogue is where something it won't be. The same. ballpark is bob. Dylan's three hundred million pounds. When he sold his six hundred songs universal music for how we find out. If what you share has worth you would. Immediate has been around every week apart from some short breaks since october. Two thousand thirteen almost eight years. Now here's why building a back. Catalog of content provides vani in both the short and long after the first one. Is this over time. People see the value provide be prepared to play. The long game is so important. I wonder where ought be now if i hadn't been producing content every week for you at the median. I reckon it would be somewhere where i am today when people recognize. Your work is something that they can get behind you have a license to develop momentum secondly it can support your wider efforts. Your back catalog makes it easier to introduce for new initiatives. The one thing that has remained constant from me has been my writing. This was the tree. I planted back in twenty thirteen and new branches of grown. It made introducing in person and then online live events easier. Don't think of the word you produce in isolation look at it as a way to connect your intentions and third lake is greater use beyond the immediate space producing a back. Catalog extend your scope by this. I mean what stance a piece of work in one channel can extend into other formats. For instance blogs have become talked topics for other people's podcast. One single article became a webinar in april. Twenty twenty on your first ten email subscribers the next point is that it becomes and it brings people closer or from people. The proof of the work. You've already done helps you by helping them. Make a decision go back catalogue in contrast to say tha that competitors whose output may be more sporadic demonstrates perseverance. Next point is that it contributes to sales while message of this. You the media online. That i'm talking to you now is not around selling your business based on your content. Your work can be indirectly related to revenue for instance. The world you produce can also present a way to sell products and services but in a way that isn't merely emphasizing for instance being a trusted business increases the impact. You can make and this links to one of the aspects of what the month of learning represents a recent podcast looked at the impact of trust. Next is your were becomes a reference and search to your back catalogue can become a place for us to take from an somewhere. Search engines recognize websites. We've over three hundred and eleven index pieces of work c. Two hundred and thirty six percent more traffic than no sign of not too many pages and this is ups ball. What this means. Is that the better. Your ongoing work is indexed. There is more for a search engine to look through and support your search rankings ultimately ultimately want visit us to stick around on your site for that you need to offer work they will enjoy and lastly grow from it. The more you practice delivering something the better you become by learning. How the audio space works. I've become a better speaker by sharing a short video every week for the of the media weekly email. I think become a better presenter by writing every week. I've become a stronger writer. Whilst as an emphasis on creating roughness never forget this contributes to your own personal development. Let's roundup similar to writing and sherry music. You just put all your effort into a once a year christmas. Oh you have to keep introducing new material. That can stand the test of time all comes down to having that ability to keep going is what you're creating talking to be worth. Something is what you're producing contributing to your overall message actions in commercial delivery to give you the freedom to play an experiment. Why if your entire back catalogue disappear tomorrow but people let you know what they show concern. You're back catalogue is your commercial worth directly and indirectly and it's important to keep on playing for the audience as you show up to it
$15 Minimum Wage Would Cut Jobs, Reduce Poverty, CBO Study Finds
"It's a major flashpoint for politicians should the minimum wage be increased to $15 an hour as president Biden has proposed, the nonpartisan Congressional Budget Office has weighed in and the highlights just how difficult a decision this is. The CBO says raising the minimum wage to $15 an hour would cost 1.4 million jobs over the next four years. But it would also lift 900,000 people out of poverty. Goldman Sachs estimates the chances of raising the minimum wage to $15 an hour is unlikely and predicts a 10 to $11 range will be approved.
What the pandemic has revealed about the real value of college
"We've got a moment. We're in crisis. Can we do better. Ron lieber is asking that very question in his new book. The price you pay for college is the author of the new york times personal finance column your money ron for years and years and years. We weren't thinking about the price of college the value of college. Is it worth it. Well i think you have to start by asking yourself what college is right. what is college for. I wasn't sure what the answer to. That question was so i asked you know scores of families and i heard the same things over and over again colleges for getting an education for having your mind grown in your mind blown. It is for kinship. It is for finding the people who will carry you through life. It is for getting a credential whether it's the gold plated one that will open doors or just the degree that will allow you to grasp hold of the middle class and hopefully stay there and so in order to answer. The question of whether college is worth it. You need to find it for your individual family that we as a nation can dictate for any given individual but then how did we get to this place right. My dad worked in the summer and put himself through school and had a tiny bit of debt. After how did college get this expensive. There are so many more things pulling on our household incomes than there used to be. We are entirely responsible in most instances for our own retirement. We're paying more and more out of our own pockets for healthcare. Many people are paying off their own student. Loan debt well into their forties or fifties right so people don't have the same kind of disposable income as they might have earlier states have reduced their subsidies towards higher education which means the price of the state schools has gone up and the private institutions. They've gotten more and more expensive so the middle class. There is being squeezed. This whole idea of i want to go to a liberal arts college and better myself and in the world is will be. My voice. teacher is kind of an antiquated thought. Sure i'd like to enrich myself but not if it's going to put me in hundreds of thousands of dollars worth of debt. I remember when i was a senior in college. I went to lehigh and lee. Could absolutely help you on the career services front. If you wanted to go work in an accounting firm or be an engineer i wanted to work in investment banking so i drove to new york city with my mother and i stuck into the career services office at columbia university and i borrowed these giant binders. That had every piece of information that you needed for every bank every financial institution so you could apply for the summer internships. Now i went to the photocopy machine to start and you needed to have a school. I d to use the photocopier. I got caught. And i got kicked out the reason i bring this up. We send these kids to college but the best jobs are directly linked to only a few schools. So do we need to start looking at. Here's a college. What is the job. My child is going to get on the other side because otherwise they will be sitting here in hundreds of thousands of dollars with a debt. Yes to all of that first of all. That is the most bad ass career services story that i have ever heard your description of this as quote unquote best jobs right. I mean it is true that the best jobs in investment banking very narrow feel from certain institutions. Right unless you beat down the door but are those. The best jobs in america are the best jobs for anyone. Goldman sachs's is hiring. All these people in salt lake city now do not come from columbia and harvard and stanford mit. So then we have to ask ourselves well. These are iconic jobs in in certain social classes but are they really the best jobs out there for any given twenty two year old. I don't think so. Before the pandemic we knew there was a skills gap in the united states. We were at full employment yet. We had millions of americans who are not making enough money to support themselves. We had people who had jobs but good enough jobs. But you hear people making that argument saying you cannot afford to support yourself and your family working in a fast food restaurant but that job was never intended for someone who has a family to support. Is there an opportunity to actually create a real jobs program. A skills retraining program so it's not just about raising minimum wage. It's about retraining. People to qualify themselves for better higher paying jobs yes and that infrastructure already exists we can use the community college infrastructure to provide that skills training but we also have a shortage of qualified instructors to teach some of these skills. Why because the skills are so in demand that the people who would be doing the instructing are making five times as much money being actual practitioners. If you're a master plumber. You're not going to spend twenty hours a week teaching at a community college even though it would be a service to the community if you are a welder with twenty five years of experience right same thing is true. So how are we going to create the budget that allows for more people to be pushed through rigorous training programs. And so we need to do more I think from a state perspective and from a federal perspective not just provides the money but also to ensure equity and access to these programs
Goldman Sachs CEO David Solomon gets $10 million pay cut over bank’s role in 1MDB scandal
"A securities filing shows goldman sachs chief executive. David solomon had his twenty twenty pay cut by ten million dollars as part of the fallout from the one. Md be scandal last year. The bank admitted that it broke. Us laws in its dealings with an investment fund at the heart of a global corruption ring. Wsj's peter rudy gear gives some context. Goldman sachs helped arrange bond sales totalling about six and a half billion dollars for one. Md that's a fund run by advisors to the malaysian government set up under the auspices of public works projects for malaysia. That fund was according to prosecutors became a piggy bank for different bribes to be paid to politicians in malaysia and abroad. Now last year goldman sachs reached a settlement with regulators in a couple of different countries that resulted in them paying about three billion dollars to avoid any further investigation or legal liability and part of that goldman agreed to take back some of the compensation it had paid executives in the filing the bank said salomon and other executives weren't involved in or aware of the firm's participation in any illicit activity adding their pay was reduced because the bank's board viewed the one. Md be scandal as an institutional failure
interview With Candace Craw Goldman
"Candidate's welcome to macabre. Chagas will thank you so much fun. Thank you so much for having me. I'm looking forward to chatting with you this evening. Yeah i This is one that. I love as well because i have been i remember. I remember following your work when you first start creating. bq h. and i dislike i. You know i'm a researcher. So a researcher of consciousness. And i will try a lot. Different modalities to see if it matches up to my understanding of buddhism to see if peres for 'cause there's nothing new under the sun we just we discover it in different ways and i i get that and so. That's why the things that i bring to. The podcast at the followers of buddhism is that there's many ways to bake a cake and always are Can be delightful. And we're all going to you that make that beautiful cake at some point in our creation. So that i'm always curious and so i followed. Bq actions beginning but because it offered remote and it was competing with other modalities offered in person. It didn't get as much steam as it has. Says the pandemic for obvious reasons because we're all kind of stuck in our homes and not really in front or near each other as much as we were and so when that came through Then i was compelled to go okay. Let's try again and i did. The course i refresh my understanding of it and the minute. I opened my practice up for remotes. I had people from china from all over the world. Hit me going fine. You're doing so now they could try a whole nother modality and and now it is. It's finally gotten the opportunity to be recognized and exercise but a lot of people in this space to be just as valid as the other modalities and so it just needed an opportunity and ironically the pandemic gave it that beautiful platform and it proved to be true so before we dig into work. Please tell us how you got into this work. In the first place well they're here gail the origination story. So i wasn't planning on any of this really. I was a wife and a mother. I my focus was arts and horse an animals and I wasn't planning on getting into this work at all. But it's similar in my life. Probably around the year two thousand. But even before then i started to have a chronic pain condition and i did what most people i knew would do is head to the doctor. Ask questions when. I got a lot of shoulder. Shrugging am. I got a lot of pills handed to me. And none of them works. And i wasn't terminally ill or anything like that. I didn't have From the outside. Nobody could really tell that. I was suffering and because i did everything just about that i could possibly do. It was painful to to do it. And i had just different things going on with me And i was doing some professional taga fy with horses down in austin texas am i had arranged what was then going to be. My biggest photo shoot was doing an album cover for a country and western singer and it was his third album our second together and i just created this really huge photo. Shoot a really big one with lights in the set and it took six months of planning in the morning of the shoot. I couldn't get out of bed because of pain and a lot of people have different kinds of dark nights of the soul. And for me that kind of was because i had to pick the phone and call everybody and call off because I couldn't get out of bed and i. I really felt defeated by my own body at that time and I laid in bed. And i did something that i might not have ever done before. Kind of prayed almost into a stupor. I prayed myself into a stupor. I was just i kind of it. Didn't know what else to do. I didn't know what else to do. And i changed the way i was asking source. God you know. Rachel's whatever i. I changed the way i was asking so rather than please help mayor Helped us stop or you know those kinds of feelings and words. My focus was. I'm not sure what else i'm supposed to do. I've done everything that. I know how to do to take care of myself and i don't know what else to do. What am i. What am i supposed to do about this and as soon as change the answer to that question. I actually have a spontaneous supernatural experience. I left my body. And i found myself standing in a beautiful feel a version of which i lived by anyway in our ranch in texas small little ranch north of austin and i had these light beings stand up from a semicircle and the one in the center literally handed me a piece of paper new piece of paper at high took the piece of paper and i looked at it and i read Three things on this piece of paper number one number two number three and It can get really involved. But let's just say number. Three was have a paps life regression.
When Could Normal Travel Resume
"Fifty two of af on and the first episode for two thousand and twenty one. It's saturday the twenty third of january. Happy new year firstly. And i hope you had a nice break over the christmas holiday period when i recorded the lost episode on the twelfth of december two thousand and twenty things looking really good in australia there was just one state border closed. It was judiciary put on christmas day and that border from south australia westminster. We did infact to reopen on schedule but sadly we own i things otherwise. Didn't quite go to plan. They was Nineteen outbreak in sydney's northern beaches. Shortly after that last episode went to air and there were also small outbreaks in melbourne brisbane. Over the summer which have caused havoc with state border restrictions. The holidays so where are we now will later in the episode. We'll look in more detail at the current state border restrictions and also coming up. We'll discuss when international borders might be able to reopen and win. Travel might be able to return to normal as well as the plight of trillions currently trying to get home and yes. You've probably noticed that the podcast does have a new intro believe it or not af on a recently celebrated its second birthday so we decided it would be a good time to freshen up things be with some new music and also a new podcast artwork which he might see if you're listening to this episode on a podcast streaming service. The background image. By the way the police sky in the puffy white clouds is actually a photo that i took somewhere. In japan on japan airlines flight took care a couple of years ago. This is the first major change we have made since the very first episode was released in december. Two thousand eighteen so hope you like it and although the podcast might sound a little different now dowry we're not making any changes to the podcast format. Well as always. Let's begin this episode with a roundup of the latest alien and frequent flyer news and today there is more news to talk about than usual since it has been over a month since the last episode. Well let's start with an update on the qantas and virgin australia. Airport lounges quotas has now reopened thirty of its thirty five domestic. Airport lounges. Well virginis trulia has now reopened five of the seven lounges. Eight plans to reopen virgins lounges. And now back up and running in brisbane sydney melbourne the gold coast and perth one. Although virgin is currently only using the apple level of it sending lounge and in melbourne passengers being sent to what used to be agents. Vip club lounge. I visited the brisbane lounge a couple of times over the summer break and well it was nice to be back in the lounge and it was pretty quiet and social. Distancing was observed. Well unfortunately the catering was very limited. There was no hot food just a few basics like syria and muffins in the morning and they were sandwiches in the evening and despite the limited food virgin is also now banned lounge guests from bringing in outside food. But i'm pleased to say that the barista's station was opened. The coffee was excellent and beer and wine was also available after twelve pm unfortunately both corners and virgina now restricting lounge access on a rival so passages that have just come off a flight and neither a-line between full nick hamas of the change when they made them. Virgin australia has hasn't read the benefit for business costs flies. Platinum and goldman is indefinitely while qantas doesn't really seem to have a policy. Although many quotas platinum members who should be allowed to use the lounge off to they arrive at nation have reported that they were denied entry. Virgin australia has now updated their website but qantas has not meanwhile quotas has permanently closed all of its airport meeting rooms and it is permanently closing. Its valet parking services in brisbane and adelaide airport in some happy news. Qantas will launch flights on seven. New regional routes in early two thousand and twenty one and cl including two to new destinations qantas announced a raf of new regional routes late. Last year for melvin to newcastle marin bela mount gambia woke up and aubrey quavos. Top flats from sydney to griffith and from adelaide to mount gambia. The knee flights will be operated by cornices regional subsidiary qantas link the announcement enraged regional rival wrecks. Which currently has a monopoly on many of those routes prompting rex to complain once again to the triple c. Corrects which is about to start boeing. Seven three seven flights on qantas invasions lucrative golden triangle reads complains that quotas trying to force it out of its profitable. Regional routes
"goldman" Discussed on Exchanges at Goldman Sachs
"Obviously we were hit with a seat car result in twenty twenty that was surprising and surprising to the high saad. Yet you know. The organization didn't miss a beat and rallied to the capital level. It needed to be at without. I think you know sacrificing the ability for us to serve our clients so we go minute. Prides itself on its technological prowess in we've always viewed goldman is a competitive advantage. There across a lot of different. She's people talked about. How technology has gone fast forward in different industries. What did that look like at the bank. And what technological innovations. Move faster than you expected at the beginning of the year. I'd say out of the box. Okay the ability to facilitate the functioning of the firm across forty thousand offices namely everybody's living room and bedroom closet all came to the screaming front edge of what needed to get done and art technology teams. Were in a position to make sure that you had all that we needed such that. All forty thousand of us certainly at the beginning could work from home and the firm would be function and it was of a more profound no-doubt longer time line. I would say two things one in the incumbent businesses so let's take global markets. The introduction of significant digital trading platforms became ever more relevant in coded. So you saw desire on the part of clients to orchestrate big portfolio trades and to do it on our digital platform whether that was in credit or in commodities and part of that i think was already in the works but it's acceleration sort of came about through covert. We never thought that it was only us that was working at home but rather our clients were working at home and so the ability to use digital platforms was basically goldman sachs meeting its clients where they wanted to transact business and i think that accelerated would inevitably was a shift already in play for more digital trading platforms. And i think it says a lot about the firm. The firm has historically been known as kind of labor intensive low volume high touch and now we've introduced on an accelerated basis and of low touch high volume digital transacting. And that moved us along pretty hard and i think it's to the competency of our technology teams and the business to do it. The second one is in the new business and so the introduction and the acceleration continued build around transaction banking and our consumer platform. Went on unabated. And we're now with two hundred plus clients on our transaction banking platform and millions of customers on our consumer platform and again about to launch into of marcus invest and are checking at form as well so one of the questions that came up time and time again in the call with investors and analysts was whether the performance they've goldman delivered over the course of twenty twenty is sustainable in that question to hobart different ways but it basically boils down to this like how much of the success that we saw last year in the profitability that the firm was able to deliver was unique to the environment of last year which was not a normal one by any stretch the imagination so to be plain spoken about it. There's some that i'm confident. And there are some aspects of the answer to that question that. I just don't know where i'm confident. Dan is that the firm has structurally changed the way in which its running certain of its businesses..
"goldman" Discussed on Exchanges at Goldman Sachs
"One of the biggest businesses firm now to people that had the biggest influence on my career gene sykes and david solomon in different ways from a bank perspective I was an analyst in the los angeles office. He was a brand new partner and continues to the most impressive investment banker i've ever worked with. He knows more about the deal than anybody. Industry more about the industry than declined. Who knows more about the taxes. The tax lawyer knows more about the legal experts in the lawyers new everything and so it was amazing guy to learn from and aspire and to do so with such balanced and to leave almost every transaction. He can away from with our client and you did not some job. And the other side liking it sort of amazing to try to emulate and have to make an enemy better sudden good actions transactions in everybody like so i've always tried to emulate his style and approach and balance around how the transactions and then david was very different. I didn't get to meet david. Probably a well into africa my career in two thousand seven when we first met and he had just taken over investment banking and asked me to be his co. really only met once or twice before then adding to that point i deliberately avoided take on any management responsibility. I wanted to be one hundred percent. Client facing just do deals all day long and he asked me to do this and it was an amazing women. Experience learned how to think strategically how to run the business. Learned how to talk candidly directly to people and give direct feedback other than how to receive directly back mama daily basis but it was really refreshing to deal southern with david's perspective on how to manage out to be direct how to get the organization to do what you want them to do and a lot more strategic coming out of addicts there may be much better manager and leader businesses and put me in position to kind of go on and run much bigger businesses over time so serbs mentored many and probably dare say a role model to som- misguided youth year says you announced. You're leaving a few weeks ago. Shraibman flooded with some notes and memories. What did you reflect on as you heard from people. And what have you learned about it. So as faucets. The reaction was overwhelm. And not even like emotional was actually literally overwhelming. The amount of people that we'd south from way back steve. Even lloyd mckellar in all the people from way back in the day that reached out people worked with me many clients and that was fun to hear her two things that struck me one lesson coming out of it. So one of our jason clare the part of the helps to massively talented guy and he wrote me announce remember this in two thousand eight. I've sat outside your office and it was scary. We thought we were getting fired every day. Just start as an associate like everyday when you left your office. You're going to stop a not dumb thing and said something positive or something uplifting and just made me feel better like the world was going to end. But i don't remember i don't i don't remember remember. Remember satisfy office but it was interesting that that stuck with him and the other one. That was interesting was click. Mallya is a partner in our london. Tnt business you remember this. We'd won the spotify ipo. And you and i had called on spotify way back when they were private company we did. The investment of when they went public gets a switch to the us team. Nikki giovanni in lebanon. Those guys ran the ipo. We got the deal about everyone else was taking victory. You pick her design called me and didn't anybody call being said thank you because this wouldn't have happened with at the beginning. The also don't remember do that but he says they're different like picking up the phone and saying thank you much email and gone whenever whenever here. We're celebrating remember. Actually works started and the less both of those things is. There's a whole bunch of times. I'm sure you have a your career. You're doing something you're like man. I'm interviewing this person on getting on the phone with someone's friend kid who i don't know whether the job or making this extra phone call when i could be doing something with family that extra thing the always feels like the right thing to do. And you feel like you get credit or it makes a difference in the amount of people came back with stories like that over the little about the big deals. I did matt anything former day but the little things that you did that made a difference in their lives. You know so that makes you talk about stuff. So in your work at goldman. You've spent time with the most high profile. Ceos and companies that we work with any stories that you're comfortable sharing any any clients really stood out. I'd say the run in the last a solid ten years in technologies. Been fascinating because the place reoccupy in the world. The cpi to sit in the job that happened have meant. Act with amazing people you know. We lead this investment in facebook back in two thousand ten before they'd gone public his source fiery miller is where i was living in london. I remember being in moscow. Cutting a deal with eerie back on the phone with video and gary in the trying to fear whether we do the same eric lane was saying he could distribute the risk. George lee was in the west coast. Doing the due. Diligence fascinating insight ride the beginning of Taking off the value creation and subsequent handful of years. I've had the ability to interact with elon. Musk monthly tried to take his company private four hundred twenty share and trying to figure that out which include the late night media. Lon south's from ten at night till two in the morning which is fascinating we are in the middle of were boardroom. When uber was trying to oust. Travis kalmyk matt company trying to negotiate back and spent time in the board room at twitter defending jack dorsey when because elliott tried to throw a lot of his job sort of the unbelievably fascinating characters. That you get the chance to meet new true entrepreneurs innovators and business builders now that i think will leave a mark on the world for decades and decades the communist. We get the opportunity to not only be a spectator. in terms of. what's going on. We'd be right there as advisers. They try to guide through his history. There's a raw estimated part if you can think back to your nineteen ninety self. What kind of advice would you give an investment banking analyst. That just started out today in the business i would say. Finally you like about the job first of all that you like the job people get into the job because they can make money or they think they're supposed to like it or do you like the job because you work way to hard as nails to not like the job and you can't be good at something you don't like so fundamentally job and then find out what your dad and pursue it in with a bachelor an industry banker banker or financier banker. But i think again you can do really good at this job. If you'd like what you're doing and get better and better and better at it will be interesting things that come along. Almost under private equity firm after two years analysts along the way. There's always been interesting jobs. Get the most out of goldman sachs and everyone's in a league goldman sachs at some point in time. The job offers only get better veteran veteran. Better the longer you stay here with better you will be working with really interesting. Smart able for a long period of time and then embrace challenge along the way but i had a whole bunch of situations right move geographies or industries or otherwise and a little bit out of my comfort zone. It would have been easy to stay in my current job and just coast. And i think it was a lot more challenging along the way but it made my career last a lot longer. The same exact thing for twenty eight years ago in the blast six years. I didn't have moved around. A bunch of places and being forced to relate work a little bit harder to learn a lot more made better at the job amid much. Hurry we'll greg. Thanks so much for joining us today. Thanks for leaving your brother behind and in the business in the hands of of dandies jim ziadeh. I think we'll be okay. But good luck to you on the next chapter dan. Jim will degrade for me all right. That concludes this episode. Exchanges goldman sachs. Thanks for listening if you enjoyed the show. We hope you subscribe at apple podcasts. And leave a rating or comment and tune in later this week for a weekly markets. Update were leaders around the firm. Give a quick take on the latest in global markets. This podcast was recorded on monday. December seventh.
"goldman" Discussed on Exchanges at Goldman Sachs
"Because. Because if you go and you say to someone, I'll give you a robot that a clean your house and folder laundry and you ask them how much they think it should cost. They're gonNA say thousand dollars, but today. If you WANNA lift a gallon of milk cost about thirty thousand dollars, and so there's gotTa. We've got a pretty. Long Bridge to cross. To do that all costs, maybe a challenge. Dave Ferguson believes that transformation is imminent. If you look back in the last thirty years at how life has changed. Say That from the digital. Perspective we've seen unbelievable transformation. Right smartphones the Internet. And everything that has enabled, but if you look if you think about the physical world with mobility, being a piece of that. Things haven't really changed that much the chairs. You're sitting on the table that just sitting behind. Might be slightly different, but fundamentally not much has changed in the physical world in the last thirty years. If you fast forward from today, another twenty to thirty years, I think. We're GONNA see. Dick Drastic change that concludes this latest episode of Exchanges I WanNa, thank Devon Correct Melanie wise. Day Ferguson for joining us. Be sure to tune in at the end of this week for exchanges, market update or Goldman Sachs experts share their perspective on the weeks developments. We hope you enjoyed today's podcast, and if you did please subscribe on spotify or apple, bats and rate us on Apple, podcast I'll join you next month with another episode of couple -rises until then I'm sorry. Thanks for listening to. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied distributed, published or reproduced in whole or in part, the information contained in this podcast does not constitute research or recommendation from any Goldman Sachs entity to the listener neither Goldman, Sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the statements, or any information contained in this podcast and any liability, therefore including in respect. Respect of direct indirect or consequential loss or damage is expressly disclaimed the views expressed in this podcast or not necessarily those of Goldman Sachs and Goldman Sachs is not providing any financial economic legal accounting tax, advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman. Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity..
"goldman" Discussed on Exchanges at Goldman Sachs
"Are we or fourteen percent or not is that we would hit at least mid teens As you look at the longer term horizon for the firm itself one of the peculiarities of starting a new lending businesses. You have to build reserves For those who are super immersed I in Bank accounting explain what that means and why. That's doesn't give you a trip full picture of of the the firm's underlying profit sure so whenever you extend credit whether it's a consumer or otherwise you take reserve. There are accounting rules that determine how much that reserve needs to be in the reserve is this reserve is a reserve against the possibility or potential loss that you will Incur as it relates to that loan or a portfolio alone. So you set aside some amount of money that you hold out for the potential for loss so it is not economic loss in and of itself but it's reflecting your books that lost track it hits the bottom line of the firm so the challenge in that the burden that it puts upon the firm particularly as you grow business. So let's take the apple cart business you start from uh-huh zero and as you grow out that portfolio You are building a reserve in the context of the size and magnitude of the portfolio your building that burdens. It's the business during the growth phase. Because when you hit a point of maturity easiest way to think about it is you've taken a reserve loans. Leave Loans Command when you're substituting a two one for the next. It doesn't change reserve when you hit a fairly steady state. The impact of that reserve is rather muted. But when you're in a growth phase this is a it's a punishing proposition. And so we're feeling that and we were quite open with people you know yesterday during the investor day but equally. I've done it on calls where we're quite clear that this we'll have a fairly significant impact. And it's the cost of growing from starting a benefactor to something correct so one critique that we've heard from I'm from analysts and others is that the thirteen percent. Roi Is is not exactly aspirational relative to some of our peers. How do you think about competitive position relative to the other banks in that in that thirteen percent target? Well we all have slightly different business models so you know what one bank can return. Earn will be different than another. Some banks have a bigger much bigger consumer business other banks have less so and so. The comparison sometimes can be reflected in the different business models. That exist I I heard the same view. In fact going into the day my assumption was we would be criticised to the extent that people felt. Maybe we were a bit soft and not as aggressive or ambitious in the returns. This is the first time we put targets out and I think if we meet them I and I'm confident we will And it will take the organization to deliver on them will be quite content as will the investors in terms of you know what we will have achieved but there's some element of conservative bias in them. You know we for the first time did a three year model for the first time put out targets and we didn't leave ourselves sort of right up to the lion in the context of what we can deliver but I think they are ambitious enough in and Kennedy is. I pointed out to investors yesterday. These are not defining of what our ambition is. Our ambition mission is to exceed the targets that we have set for ourselves and I think as David said in response to a question that was asked of him. We're not asking people to go to sleep now for three years. There's and three years wake up and we'll tell them if we hit or not. This'll be a progression. And if if and to the extent we start to do better than you know there's always the possibility ability of upping the ante and you know and recalibrating where where our objective set so a lot of our Goldman economists have been on the show talking about the prospects for growth and they're pretty optimistic there a little bit above consensus both global growth and for US growth this year. But what if what if they're wrong and and how do you think about recession risk as it relates to the goals in terms of our business plan. Sure so Up Can I answer that question as one is a relates to what we set out what we set out by way of our targets and our performance. We did in a way that almost every other bank does. which is we do not try to forecast a meaningful upside or as is embedded in your question? A meaningful downside meaning so long as the market and the economy behaves within a fairly narrow range of where we are. These are the results that we think we can produce other banks do it exactly the same way. If there is a material fall off so we hit a recession or some other circumstances you know impacts the economy and therefore impacts our performance. I think investors understand that the achievement of our targets. You know will be different right than what we have. Otherwise is articulated the other way to answer the question which is less about our targets and more about the firm. Is the firm operates with you know in a sense a recession playbook meaning. We're not hoping that nothing happens. We are risk managers and therefore need to anticipate what might happen and in the context of what might happen where there are. Economists are forecasting it or not. You know we have plans for how we will manage the firm and what we will do about risk and overall exposure in the context of an economy that you know then shifts. Just one last point on this. I think an important point to make is I said in my remarks in my presentation. We are not beholden to lending targets convening delicious take our consumer business it's not a startup outside Goldman Sachs is a startup inside Goldman Sachs. It's not playing for. Its you know round on be around see funding. It's not looking to achieve lofty objectives. If those objectives are inconsistent with where the market is. And so we don't play to a lending in target. We have a budget. We know where we will be but it is based on an assumption about the underlying economy and if that changes Calabro will we correct so for one hundred and one hundred fifty years for roughly one hundred forty those years it was an investment banker pure investment bank and trading houses some level. So who recently. Obviously the firm became a bank in the wake of the financial crisis in recent ten years ago. Now so you have a phrase in your slide embracing the bankrupt model and so two questions. Why did it take so long for Goldman to kind of embrace? Its own bank NASA soon as it were and and does that mean Goldman's going to evolve to look a lot more like a J. P. Morgan or a city over time. Yeah I don't think we have in mind a model title that were evolving to other than the one we care to set for ourselves as bank so we will be a bank. We are a bank but but we're going to embrace the bank model on on our own terms meaning. We're not racing to become J. P. Morgan or or another back. Why did it take so long? I I think for a long time. We quite liked the businesses. This is that we were in and didn't feel particular need to sort of play to what comes of being a back meaning capital markets activities trading activities in the like where where where we were living and I think what we were late to is recognizing the value of funding that comes where the benefits of funding that may come through the embraced the bank. And I think for us most meaningfully and and at the early stages of this embrace it. A Bank model is a lot about embracing a more diversified less credit sensitive funding plan for the firm and as I also said in my remarks in the embrace of the bank and looking to lower our cost of funds because because we are a bank. We're not looking to depart from what we know to be our core strength which is a lot of what you described. We remain a formidable double investment bank. We remain a formidable trading house and intermediary of capital. I just want to do that using lower cost of funding as an input but being a bank helps us do that. And so that's what we're embracing in the first instance and I think we came to the later realization of that perhaps then we should've live but you know here we are and I read a moment now where we can do this on a different platform where competitive banks are. We're not going to build branches. We're GONNA they do this on a digital basis and I think both on the asset and liability side there's opportunity for us to grow and grow the firm so what I think I think caught a lot of people's I I was the story. Iran asset management and people newer investment. Bankers will know we have a big global markets business. What I don't think people appreciate appreciate was the size scale in sort of performance of that asset managers business in my short tenure here? It's grown from nine hundred million up to over two trillion dollars asset management. Talk a little bit about how that that part of the firm fits into the broader story rat for investors. Well I heard the same comment you where have you been in. Why haven't you been talking about this? And I think there's some validity to that. I mean I think one of the benefits of this push toward transparency in kind kind of all of its forms is that we will awaken people to sue strengths in our business. Frankly in an outside the firm that nobody had a full appreciation for and I think think asset management is probably not alone but it may be the most significant of it which is I don't think people have had a sense of just the breadth and scope scope and diversity of the offering that we had and in the absence of that information drew their own conclusions about perhaps a certain competitive inferiority to the business business that that in fact is very different than the reality but I think you know Julian and Tim did a great job yesterday at really opening the aperture sure on that Lens and showing people what we have an equally where our ambition lies in terms of taking that business along different alternative path and you know bringing in third party money and the fee income that has the potential to be derived from it so I think it was a very good day in that in that regard. One of the reasons that people can see that now is about a month gone. This is Super Wonky so bear with us here but we changed the way we report. We did business segments. We have busy January. We had a busy year. So you you said one of the one of the ideas around the whole re segmentation or changing the way report was to give more transparency in the business. You help people understand. How do you think that's played out? How's the market reactive? How to investors about that new Matia so I think the re- segmenting Actually played to the high site higher than my own expectations just in terms of market arket reaction to it. You know you always come at these things and you think and as I know you think you know you try to look for..
"goldman" Discussed on Exchanges at Goldman Sachs
"This is exchanges Goldman Sachs were discussed developments. Kelvin's currently shaping markets industries in the global economy. I'm Jake siewert global head of corporate communications here at the firm today. We'll be talking to Stephen Shir. CFO of Goldman Sachs. Stephen played a big role in our first ever investor day the first one hundred and fifty years which took place here at New York headquarters just this week. We're going to be talking about the day Stevens. Tom Goldman Sachs and where the firm goes from here. But before that we're here with Jen Roth of our global markets division for a quick markets update on the five number. She's watching right now John. Welcome to the program. Thanks much good morning. Everyone as Jake said. My Name's Jan Roth. I manage the global currencies in emerging markets business in the Securities Division and. I'm ready to talk about these five numbers. What's the biggest number? You've been looking at thirty three billion as the number that I've been closely watching. That is the number of inflows we've seen into emerging market funds in two thousand and one thousand nine hundred and I'm closely watching to see if we're able to replicate that in twenty twenty thus far we've had eight billion inflows so clearly a very strong year but given that you're not going to have the support from core rates that you had last year we want to see if that can be replicated in in this year. Okay so what's the number of the skating a lot of attention attention but doesn't really tell us exactly what we need to know for the past couple of minds the number that everyone is focused on his global. PM is pretty much. There's a huge focus was on growth. After last year's monetary policy easing from both developed market and emerging market central banks on average the. PM is have been above fifty shows where an expansionary territory where I number below. Oh fifty shows wearing contractionary territory but a yo in my mind. These are more of a gauge of expectations as opposed to hard data and we should be focusing more on expert data and see is as opposed posted global. PM is the current activity in this sense. Right okay so what's a number that has moved a lot or hasn't moved at all that's caught your eye for me. One year. Your overall is really what is super surprising to me at all time lows in Eurodollar volatility ball. We actually hit below five. which as I said has all time lows and you look at that? And that's the same phenomenon. Cross currency pairs given all of the uncertainties in the market whether it's the US elections whether it's a newfound concerns around corona virus and the fact the stretch levels across risk risk assets. I think there should be more ball premium in this curve. So what's your theory on. Why vaults remain so low whether a couple of reasons the main two reasons is really the perception option that developed markets? Central banks are not going to play this year and we've had continue systematic selling evolve which is really depressed. The ball curves okay so a number. You're thinking about for the future. I would say that number would be three and those are the number of days into the Iowa caucuses as we know the races incredibly tight between the four leading Democratic candidates. Whoever wins Iowa will most likely Egli get five to ten point boost into New Hampshire? Currently Senator Sanders is doing quite well in both Iowa New Hampshire and really allowed the other Super Tuesday states so if he wins the first to the momentum could carry them to the nomination. The market is pricing very little risk involved markets around the potential of him being the nominee with dollar-yen pricing only thirty basis points of gap. Brisker Iowa. which is only three days away at this point all right and how about another number in the news? That's caught your eye so something I've been watching very closely. It's the number of confirmed corona virus cases in the US as of now on the market is pretty much been paralyzed with uncertainty around broad-based implications of this particular virus on growth and. Obviously there are significant health concerns so I'm closely watching to see this number. It's larger and has bigger implications for growth within the US as well as as well as outside in all right. Thanks JEN now. Over to our next segment segment with our Goldman Sachs. CFO Stephen Shirt Stephen. Welcome to the program. Thank you very much. So we're coming off a landmark event Goldman's first investor day and one hundred fifty years. I congratulations are getting through that. Thank you very much. You're still alive. Tell us a little bit of the day and in what do you think the investors and others in the audience picked adop- about Goldman that they didn't already know. Yeah so the day was an interesting one. I mean when when we said we opened the firm we literally opened the firm and so the front doors were open and four or five hundred people came marching in and and I think I think they came away with a view that the firm was quite genuine in its intent to be more transparent and engaging with them and we were that was our intention and I think they came away with a better understanding understanding not just of targets in facts and figures but I equally think they came away with a more general sense or a better sense of who we. We are depth of talent. WHO's running the firm in in a broader sense equally? I think they came away with view about our technology given what we had on on display and so I think I think the firm showed well In the context of opening its doors and letting people in for the first time and giving them a sense of what what the firms about where it's going so I was the idea was to You know to sort of explain the firm to an external audience but talk about the internal dynamic what went into preparing it. And what did we learn. Learn by going through the process of setting these targets and putting out the goals there. Yeah I I would have to say that I think the investor relations team led by Heather Minor. Did an extraordinary jar At putting this together what went into this at the beginning was a view that David John and I had which was we wanted to run the firm in no more transparent way meaning. The firm needed to open itself up and explain to people why it was worthy of engaging with the firm either has an investor or frankly speaking to you engage us you know in business and I also say that I think for many of the forty thousand people who work at the firm. This was an exercise equally at exposing firm to them in ways we hadn't before the foundation to all of this was a three or model that we started to develop which frankly hadn't had for one hundred and fifty years either and so we started to plan and and that's not to say that you can predict what the markets look like a year two years three years from now but you need to start to plan and set up a medium or long-term plan given the investments that we're making and so that was the foundation of it was a three year business plan for the firm and off of that. We looked at targets that we could articulate need at the enterprise level and some at certain businesses as to what people should expect and hold us accountable for Stephen. You spent time yesterday with investors investors after the session and and beyond that. What was the most interesting piece of feedback you got and and and you know what really what really broke through for you? Yeah so I did spend quite a bit of time after the event With our investors. And you know people were fielding range of different questions but but someone came up to me and in giving me feedback gave in a very succinct way. Would I thought was the most profound that I had heard. which is he felt that? The firm rendered itself more investable table on the back of the investor day meaning. We gave the community. The investor community quite a bit to digest and to think about in terms terms of what the forward proposition was for the firm. And I think in looking back putting aside the bill of particulars on the targets. I think what people saw was quite impressive. I mean I think they just go through the segments for a moment they saw firm that has an investment bank that is beyond formidable in terms of its position. Listen but still strives to achieve evermore. Notwithstanding its commanding position competitively it saw global markets division that recognizes recognizes where it sits at an inflection point in the market not particular to Goldman but to the market and I think rendered a very candid and clear eyed assessment of what their challenges are equally the direction they're going to meet them including building platforms staying Edgy Acknowledging Shing where they fell short and having a very clear view about where they're going and I think that you know is a is quite a formidable sort of picture to be drawn they saw on asset management business. That is bigger broader deeper more durable than they had imagined. And I think you know opening that lenses you and I talked talked about. I think it was a very big deal in the context of the investor day. I'd I'd audio is the most successful at accumulating new long-term fear no correct of the asset. Mirages correct I mean we knew it and assumed others in new it as well but in point of fact they didn't and I think opening that window onto that business gave investors ever more to chew on about the fourth proposition of the firm. I think we show them a consumer and Wealth Management Division. You know that on one hand historically owned a very enviable business in terms of its ultra high net worth but I think showed considerable promise at being what we want. which is an edgy aggressive growing forward-looking digital consumer bank that spans a range of different well strata and I think that was a very forward forward and positive view on the firm and then I think as a general matter you know? We showed ourselves to carry kind of Ford Engineering Prowess to put at the business us which is now organized and very clear eyed about where it's going and being led by a group of people who come with considerable history Dan Pedigree and so. The person said to me that you know you showed Goldman to be a more investable proposition. I think was reflecting on all elements that I went through businesses. Mrs that are edgy. Commanding market share very self aware of where they are or opening up a window onto a profile of the business. Not known all of that. I oh I think is even more significant than putting out specific targets themselves because again people are now going to look at us in a different light and think about the Ford of the firm which I think colds old enormous promise and importantly I think they do as well so one of the targets the put out there is a minimum thirteen percent. Are we in the in the medium-term which we discuss defined as three years for those who weren't necessarily absorbing everything that went on that day or didn't know or weren't there what's going to drive. Those higher returns. Well I think the drivers of those returns are GonNa be several things one just in our base core incumbent businesses businesses that have defined Goldman in sacks for the better part of our history. Those businesses have room to grow and areas in which they can expand and so they will whether that's investment banking or the securities business or investment spend management or. Like all of them have opportunity for growth in will harvest that growth in the context of building some momentum around increasing our we I think the second piece are the the newer businesses were in so think of Marcus and the consumer business or apple cart or transaction banking where over three year period. They will start to reach a level of maturity you know where they will start to throw off incremental revenue and do that on a higher marginal margin now the interesting bit about that component of it is a three year window for those businesses doesn't in my mind really reflect the true potential of what those businesses can produce both to the returns of the firm arm over the longer term. So call it five years or more. Because these are businesses that will still be on the upward slope to get to their maturity level. All and we will still be investing heavily in them and so the returns from those businesses within a three year period is more muted than I think what. They will demonstrate over the longer term arm which is why we equally said in addition to setting greater than thirteen percent..
"goldman" Discussed on Exchanges at Goldman Sachs
"To your team every single day. It's important to find that time to disconnect at the end of the day in order to kind of foster that sort of environment making sure that there is a work life balance important important for managers to kind of just be on the lookout for is there somebody who's constantly working really late hours or coming in on weekends working from home every day and kind of identifying that before there might it'd be a case of burnout for example just to make sure that every person on the team really does have that time to themselves to disconnect and to pursue their passions and what's important to the employees say go home doc get out of here. I've been known to do that. I similarly in part of that seventeen in percent that answered that work life balance means to be able to disconnect at the end of the day because I've you work life balance as being able to maintain your priorities but not neglecting yourself in the process one of the things I like to do for pleasure and I won't let myself do that unless I finished reading my text books for the day so being able to read for pleasure at the end of the day says to me like you did it right but besides that you know artistic so I like to draw I like to Crochet. I also cook and I love having friends over and my friends all know that and they take advantage so you know weekend's classes in my room has already been rebranded into hotel to you see but those are all things that are important to me so when I approach my day I try to make sure to weave. Those both ends so that again I'm maintaining my priorities without neglecting myself in the process and I think that managers should encourage that among their teams as well. Everyone has the things that they're passionate. What about so I explain what those are in my case for other people might be you know playing on a sports team for example. Anything manager should encourage people to pursue those things that are important to them. Katherine said that you don't find yourself with a case of burnout because when you feel the best I think you perform the bat with a funny thing. Is this conversation so now I feel like them so maybe I'm like seventeen percent or that is director of sixty two but one thing that I found in it's one of the amazing things which you all reference about a lot of the people who work here Goldman Sachs when I think of disconnect I think of non movement and my guess is you crochet like a world class crocheter and a and when you cook you cook a mean meal and when you're with your family your with your family intensely and so that's the one thing that I found is people definitely have passions and things away from the office so in that sense. I really agree with disconnecting. Certainly I do but what I've found which has been one of the interesting things in connecting with a lot of people especially some of the younger generation to from when I ask them. What are they doing when the wave from their officer doing something else passionately they're not sitting back and hanging out there kind of doers which is inspired? It makes me feel like I need to do more. We all do more one of the interesting things in the service entrance a brand loyalty much more important than product loyalty okay so the very conscious of brands and impact brands have in the world. How does that change. That kind of evolution of consumer behavior changed the way we think about recruiting people ed how we approach campuses differently. If I were to use different language in it from a recruiting perspective I would say product loyalties like role responsibility. You come into this job right. That's like the product and brand is I'm hiring you to this firm and part of the importance is what does that brand stand for that brand. Iran mean and certainly for us. There's a lot around what our purpose at our impact in society is as one of the questions that we've done that so when we think about how a recruiting today were much more trying to help people see where their alignment of their skill set is to potential jobs within the firm and were often presenting it as there's not just one there can be multiple so you're joining a firm. You're not just joining a role and we spend a lot of time talking to them about what the impact is that the firm has in the broader society society as a hey. I want to attach myself to that brand and what that brand means and the impact and the positive results drives in the world and I think that's fundamentally different from where retreating was before which was some version of. Let me tell you what position I'm hiring for and let me tell you what you're GonNa do in the first six months and the second six months which is very kind of product. It certainly has changed how we approach it. Is that a fair characterization of the way you think about the choices that you're making definitely agree. I know that if something were to happen and my team let's disappears in the next year. I know that I still WanNa work at Goldman Sachs. I wasn't here specifically for the one team. Although I do love my team and very excited and let the record reflect there's definitely something to be said about kind of the strength of the name. Goldman Sachs and the people and kind of just the quality quality of working in a place like Goldman Sachs. I think kind of going back to that brand versus product loyalty. I can definitely say that. I'm one of those people who focus is a little bit more on the brand loyalty and I think it's important to kind of know who you're working with know who you're dealing with Rebecca as it relates to you know my habits is a consumer. I can't say that I identify with product loyalty guilty or brand loyalty and it's so interesting because I'm taking a marketing class this semester and the first topic that we've actually started discussing is the economics of brand loyalty but the more I thought about it the more I realized that for me it comes down to price and quality more than it comes down to a specific brands or specific product because I could think of examples in my life where I lean toward brands. I can think of examples in my life where lean toward a product and I can think of examples in my life where I lean toward one. It's not intentional at all when you have three kids like myself. If you lean towards whatever it's GonNa make them think you're cool. That's all that's all. Your definition is called yeah. I know a new day is coming to so one of the things our interns spotlight they thought. Ai Artificial intelligence is going to have the most profound global impact of any trends. We're seeing over the next ten years. It's interesting because a lot of times that's sort of seen as a display of some work in case but how's it shaping the future of our business in how we think about it. If you take a step back and think about as being a tool just like the internet was a tool or cars were or television and by the fax machine which.
"goldman" Discussed on Exchanges at Goldman Sachs
"This is exchanges. Goldman Sachs where we discussed developments curly shaping markets industries in the Global Economy Jake siewert global head of corporate communications at the firm today. We're talking about what it's like to be Goldman Sachs in turn and how employers are trying to keep up with what younger generations want from a work environment to do that. We're talking to college. Seniors who Internet Goldman Sachs's Sachs's past summer and we'll be returning fulltime analysts next year as well as owner very own head of human capital management Dane Homes Catherine Rebecca Ending deign welcome to the program so much so this is for everyone briefly introduce yourselves where you from. Where do you go to school or did you go to school Tom. In what part of the bank will you interning in this past summer dangerous. Give us a quick. Take on your role here at Goldman. Sachs so my name is Catherine Doar VIZSLA. I'm from about an hour north of the city in Putnam County. I'm a student at Brew College here in the city and I had the opportunity to intern in the Securities Division this summer rotating on a few different teams within prime services. My name is Rebecca Scheiner. I am a super senior issuing university which is here New York City where I'm double majoring in accounting and finance but I am from Chicago and this past summer I was interning on the Jess Bank Alyce team and the Control Division here at the firm. I'm dain homes as was mentioned a head of HR. I guess in the small world connections I was born in Chicago. I went to University of Columbia Columbia New York so I don't know we're all all connected one way or another and I'm responsible for over activities around people at the firm leadership development okay just to set some context. We collect a lot of insights from our interns when they're here of the summer. Why do we do that. And what did we get out of that experience of listening to our interns over the course of the summer when they're here yeah so obviously we use the old adage that you don't know what you don't know and I think in a people driven business. It's very normal to fall into the trap of saying Oh. I know what it was like. I was an intern. You might have been a long time ago. When you're using an abacus. It is really true that you don't. I don't know what you don't know so part of it is getting the information and what's Great. I think about the generation that we're seeing today and a lot of the people that were recruiting to the French the firm open and honest and very frank about how they're feeling about things and how they're looking at the world so it's all about being informed unfortunately if they're happy to share it with us the intern class it's the summer was the most diverse to date talk a little bit about how that classes a reflection of what we're thinking and how we're thinking around diversity inclusion here at the firm we think about diversity inclusion through a bunch of lenses one is just if you think about it from a pure where business had serves clients and whatever problem issue usually solving some problem for one of our clients dance with our we want we want a diverse set of us in the room as we try and tackle whatever that problem is and so some of that is a reflection of frankly just wanting to provide the best solutions to our clients. Another part is is that in our surveys with our interns we hear that they want a diverse population around them so part of it is reflecting the desire of what the most talented people out during the marketplace that type of environment that they wanna work in and then frankly we have a core principle that we think about which is mirrored crecy and it's hard to argue that you fully sled meritocracy talk rec- if you don't have diversity in the group of people that you're bringing in because we've obviously proven time and time again talent knows no boundary whether be gender race ethnicity sexual orientation tation so having a diverse class of me makes me feel very confident that meritocracy is alive and well one of the things we did learn from the surveys that eighty two percent of our entrance that it was important and to develop managers that foster that kind of inclusive work environment so how are we thinking about the forward strategy for diversity inclusion particularly comes to training managers. All of this starts with one caring about developing our people which means investing in them investing your time. You're knowledgeable energy. Were looking for our managers to do that. The other part is understanding understanding them and so we started this question with why do we survey. It's a little bit to understand what drives them what they're looking for and in a lot of ways that's prepare managers to deliver that to them as well so managers play play a critical role in developing people in attaching them to the firm and making them effective and the diverse population would you need to do you need to make sure that you understand all the diverse perspectives that the people have in where they come in and you frankly have to care care about what matters to them care about what they're looking to achieve and addressing that and so you know it's resulted in a lot of education. We've put a lot of investment into our learning activities to make sure people understand the different perspectives that are out there but we give people the base knowledge and then we got to make sure that they care and engage H. and invest in our people Catherine when you came here to work over the summer. Does it feel more less diverse than your schools. And what do you expect for managers in terms of how they can do a better job of making people like yourselves comfortable. Baru at least for me is a very diverse school but I would say that the difference here wasn't huge Goldman's. There's definitely making big strides in that direction and I think something interesting just to think about in terms of managers kind of enforcing or implementing more of that diversity within their team team kind of what Dana mentioned a little bit about different perspectives kind of coming in from those diverse experiences. I think is important to think about so when I think about diversity. I don't just think of race ethnicity the city religion. Maybe I'm thinking more about kind of what have those experiences taught a person. What skill sets have they brought from. There and I think that's an interesting thing to think about in the workplace given that different experiences will transfer into different skills in different ways that a person can add value at team so my experience with diversity at the firm is that the firm is much more diverse than my my school or university but that said I think that within the firm managers can best encourage and foster diversity and inclusion by using it as an invitation to conversation because I've always thought of diversity as something so much larger than simply checking off boxes like Catherine said I think you have something to learn from everybody around you and while may be easier or more natural to start that conversation with someone who seems more similar to you at the outset. I think it's equally if not more important to start those same conversations nations with the people who seemed different than you are because in my experience the more you speak to the people who seem to be different than you the more you realize that you have a lot in common and I find that you come away having learned something and I think there's something really really valuable not so both of US studying finance as you're thinking about how to choose the next step of your career after school over the things that led you to Goldman and what were the attributes you looking for in a future employer. I think for me it was really the people that was the first thing and then I was looking at so I had a wonderful experience with all of my interviewers and that was kind of the initial stop that made me realize that golden was going to be a fantastic place to work and I actually had the unique opportunity many of turning here for two summers in a row and that's exactly what I've experienced. The people are incredible overwhelmingly supportive and helpful. I've always found that there's something you can learn from from everyone sitting on either side of you and I think there's definitely something to be said about. Never being the smartest person in the room. There's always something you can learn from every single person Golden Sachs for sure in addition to studying finance. I'm also studying accounting so last summer interns in a public accounting firm and it just wasn't for me so coming into this past summer. I want want to try something a little new which is what led me to controllers actually long story how. I ended up here but I guess in some. I'm really here due to the alumni I from my school who really stopped off and became interest me and guided me this way and I'm so thankful to them but how I ended up Goldman Sachs I mean I think the name really speaks. Thanks for itself because it truly is synonymous with excellence and that was my experience over the summer. When ever I was asked come experience was going. I would explain that I felt challenged. Challenge all around challenge that I was applying the things that I learned in school to my work on a daily basis which is rewarding in and of itself challenged and that I was furthering during the things that I learned and realized how much more I had to learn and challenge because I was surrounded by the most impressive people and as incredible as has my team is at what they do they were equally as incredible as a welcoming me as part of the team and of teaching me about my role and what I needed to do in order to succeed and they really thought to it that I was successful and to me that meant a huge amount so dean when we talk about work life balance means different things to different people and this is one of the questions questions we asked the interns is interesting sixty two percent of the entrance associated with spending time with friends and family only seventeen percent associate with disconnecting at the end of the day when I was that age that's what I was connected so it's different. It's unique for each person can meet flexibility can time always helpful to understand it. What does it mean to you so I'm not surprised. Now I found the pure synergy between me and most interns for me. It's family and friends allowed to but what's interesting stain. I think for me when I think about flexibility around life. It's having the space to live your life intentionally around the things that matter to you and I know there's this this whole debate. Oh can you have an odd habit. All say to people who have a problem with saying oh you can have it on like what you're just not creative enough because there's a lot of things in the word all a- and so to me you know work like balance starts with my family. I'm a obviously a husband and father and my wife. I guess semi chose me my kids. It didn't so I have an obligation on. Yes unfair to them a burden. I have to live up to and I care a lot around my community particular ticket around African American boys. I also care a lot about a lot of the friends that I've had growing up and you know people go through challenges in your life so being able to be there when that matters an an investment. Those things is really really important and the part. That's been interesting for me. It'd been at the firm I've been able to intertwine some of that together where some of those investments with with my family or whether it being so my charitable activities have been amplified as a result of being the farm and so that's actually created a unique synergy we sometimes it can these things is one or the other but a lot of times. There's a little inter twining of the Tube but for me if I can look at architecture and design books. That's that was my made in college. I I can spend time with my kids teasing them as much as possible. Make my wife think I'm a major intelligent brilliant funny good looking delete that one takes the most work of all then then. I'm pretty good so how about for you what is work life balance mean when you think about entering the workforce full-time and and what could employers be doing better to support healthy lifestyles. I think for me I'm one of that seventeen percents I would definitely put a focus on being able to disconnect from worked just because I don't think it can be fully present with friends and family and kind of pursuing your different passions. If your mind is always at work and in order to make sure you're not burning out and you can kind of come into work the next day really add value.
"goldman" Discussed on Exchanges at Goldman Sachs
"You also managed to travel light. You still see a lot of clients what international markets you most focus on right. Now I remember when I used to talk to Hank Paulson a lot about how he spent his time all the way back to when he was running banking and before he ran the firm and one of the things that he said to me that still sticks with me that I try to keep keeping my mind as I think about my travel schedule today. Is You have to look at where the big markets are where we can have a real impact because that's still the eighty twenty in the equation Asian of where you can really move the needle and that's still obviously the United States across the whole of the United States. It's clearly the UK it's clearly Germany France and the group of countries trees on the continent and the the major economies in Europe and increasingly it's China and Japan if I had to categorize where I'm spending the vast Madrid time it's the g seven and China at an essence. Most of my time is really spent trying to make sure our operations in the key countries are working. Well and our clients are feeling our presence and then I'm meeting eating the right people and I've got relationships with the key people that matter externally whether it's in the government or with corporations or private equity firms are large institutions and then the case of a country like China. It's really trying to figure out where we're going to go. And how are we going to build a business. And how are we GONNA get ourselves to be more important more relevant in that marketplace inside the country and then obviously connected to our clients globally connecting them back into China so you spent a lot of time at China both as someone running the Investment Bank but also as Presencio. What is is it that most business people and most Americans have a casual acquaintance of China miss when they're not spending enough time there. I think it's a multilayered country and I feel like you walk out of a meeting and they're real meeting happens after you leave when you walk into the meeting with a group of Chinese executives or government leaders and it's translated meeting and then you leave even then go have another meeting and that's the meaning you're not in and so you want to know about and so I think the key is to figure out how to know about what happened in that meeting which there's no substitute with for going there a lot and getting a sense for the nuance and building relationships where you can actually get some sense for what's happening when you're not in the room. What I experienced when I go to China is it's translated translated. It's very formal. There's not a lot of nuance to the meeting. It's a pretty staged environment and there's another set of discussions. That really is where the rubber rubber meets the road and so I think if you go there a few times you feel like oh I had a good meeting. Every meeting is a good meeting. You're not going to have a bad meeting in China because the Chinese don't like having bad meetings but there's plenty of things that happened in a meeting. That wouldn't be to your benefit if you didn't know about what was going to happen next and so I think the key is to get to a sense where a place where you've got enough of a relationship with somebody where they I can give you the nuance behind the scenes in the room. You're not in what major geopolitical issues you most focused on now. Obviously there's a lot going on in the world. It's very busy right now. But what do you think will have the biggest impact on Goldman over the longer term. If you think about the next five to ten years if you call that the longer term the U. S. China China relationship in the trade discussion but also more broadly just the broader relationship you know how it unfolds particularly given the trump administration's policy which is obviously a departure departure from prior. US policy towards China. I think that far and away has the most global implications for for Michael Sachs's implications for our business in China obviously but has implications for how multinational companies and governments react to that relationship if I had to pick one that would be it. The second is brexit which on the surface is not as big can issue but it has ramifications for the whole of the European Union where we have significant operations. We've obviously got six thousand or so people in the UK at a big presence on the continent. I think brexit is the beginning of a reset of the relationship. Rally in the European Union were thirty five percent of our business by most measures resides so that is very important to Goldman Sachs and I think to our clients I would say that'll be the second big geopolitical event that we're watching carefully so John and of course year banking career you became a counselor to some of the most successful CEOS really in the world do you misgivings kind of advisory is still get an opportunity to do it and does that background. Help help you in this current job. If I look back on my career the most fun that I've had is really sitting with CEOS and boards and chewing through difficult problems whether it's an emanate problem problem or a capital markets problem or in some cases personnel or other problem that doesn't relate to a transaction counseling clients really one of the great joys of this business and so yes. I don't get to do it as often as I used to. Do it and I do miss that aspect of it but one of the great benefits of this job by virtue of my position I actually get to interact with more CEOS and more presidents and more executives actives and important positions even I did in my prior job and so I still get to spend time counseling and now the counseling is a little bit different. It's not as much on transactions or deals roles. It's more on macro issues and things that the CEO or the executive is wrestling with it so I actually find some of those relations become even more intimate than they would have been when when I was more of an adviser on a transaction so that's been quite beneficial and sometimes I turn the tables now and I ask questions really picking their brains on how they run on their businesses so I've had numerous conversations with executives about how they run their human capital organization how they run their technology organization how they think about Silo Ization and their firms firms either think about brand how they think about technology disruption content etcetera. I found that the counseling I was doing is actually serve as a pretty good baseline flying for me too. Sometimes turn the tables and ask the questions that I know I was being asked my prior life is a banker people talk a lot about the culture of Goldman Sachs. It's hard to understand it less. You've worked here here but you've been outside the firm. Nabet inside the firm for a long time almost two decades. What are the things you're most proud of inside the culture. Where some places is that you think we need to change what I love about. Our culture is it's fundamentally grounded in respect lots of communication and a collaborative perspective people come to work here because they want to be surrounded by very very talented people that are desirous of doing important things in the world and they want to collaborate with those people to get better outcomes. We take that for granted because that's just the way Goldman Sachs's Ben for a lot of years. Most other firms have a hard time assimilating assembling that kind of culture so we've got tremendous advantages bandages. I think back to your question on silos ation and bringing the firm together one of the things that we've suffered from in the last ten twelve fifteen years. Maybe the crisis really accentuated this the notion that we had to play defense coming out of the crisis as we have gotten more balkanized we do operate in more individual units. The the firm has gotten bigger. It's more complex and more businesses. It's hard to bring people together. It's hard to tap into the vein of that collaborative ethos and actually pull it together there and go do the thing that I think everybody wants to do so. I think we have work to do there but we've got a lot of raw material to work with it. I think is great advantage. You Running Investment Bank for a while. You've made the transition now. What's been the biggest surprise going from the business investment banking division to the executive office investment banking things a great business and it's done very very well for a long period of time but the firm has a lot more complex in investment banking and so for me? The hardest part of this transition has undoubtedly Ben getting my arms around the complexity of the firm just the raw breadth of businesses that we're in of people that I have to get to know that I have to learn to both trust and have of them. Trust me you know it's just a very very broad complex firm and I'm getting my arms around it slowly but surely but it takes awhile I think you can't rush it and you have to just experience it that and you have to go through the paces and so I'm almost a year into that but I think in year two and three outfit even more comfortable than I feel today. That's far away the the toughest part of the transition. Yeah I think the thing that I've really been heartened by is I've yet to find a part of the firm where I don't see really high quality people and a really high quality organization. We've got balkanisation. We've got challenges. We've talked about in this discussion but we start with a base of extraordinary people you go all over the world you see people in every nook and cranny or any of the firm. It's a young energetic ambitious mobile group of people that want to work together to collaborate WanNa win and WanNa make Goldman Sachs as good as it can be and I want to be important in the world and relevant in the world and that again is a great advantage and we take it for granted but I think it's a great advantage when we talked about your career earlier. We started after College College but you've got a liberal arts education at one of the Great Liberal Arts Colleges in America talk about how the Liberal Arts education basically can be applied. I do a career and finances you have this feels like a plant that question because I'm a huge proponent of liberal arts education although I did say once air that if I could come back and what about an engineer that was authorized to say about that more spoke to my insecurity of not understanding all the platform that we're doing and not knowing the engineering walls I wish I did my view is you can and learn the technical stuff when you're in a job and you need to learn it. If you're smart you've got a good brain or willing to read and listen in and absorb..
"goldman" Discussed on Exchanges at Goldman Sachs
"This is exchanges goldman-sachs where we discussed developments currently shaping markets industries in the global economy. I'm Jay seward global head of corporate communications here at the firm. Our guest today is John Waldron Goldman Saks president and chief operating officer. John joined Goldman back in two thousand and prior to his current role. He was CO head of Investment Banking Division on this episode will be diving having into what it's really like to be president and CEO of Goldman Sachs some of the key strategic initiatives John's focused on some advice young people and much much more John Welcome to the program. Thank you thank you for having me so talk a little bit about your background fascinating career. What was the path to this job. So I started my career at bear stearns which in the early nineties this was a very entrepreneurial firm and got a lot of experience at a young age probably well before I deserved in a firm like that that was not as deep or or as well established the firm like Goldman Sachs and I ran through a bunch of different jobs in investment banking but a lot of them were in the capital markets part of the business mostly in the high yield business in the business so I had a background in leverage credit deep there there was deep. There bear had a real expertise. They're one of the things I learned particularly in my early years. Working in leveraged finance is the ability to analyze companies really looking at income statements balance sheets cash flow statements and understanding how the financial statements work and how companies make money what the issues are what the competitive threats are and really that analytical background background on company performance very well. I worked there until two thousand and then I came a Goldman Sachs in two thousand actually David Solomon who I now were foreseeable with a firm came to the firm a year earlier and said to me. I think you'd like coming here. I think you'd like the firm I think it'd be a firm you really enjoy and learn a lot professional and executive in coming here and so. I ultimately made the switch and I came over and I would say my background at bear was quite helpful because I was pretty entrepreneurial. I was pretty skilled at understanding markets and had spent a lot of time. I'm looking at companies. Now is pretty able to analyze companies and I had a reasonably good experience dealing with clients at an early age. I was given responsibility to interact with clients to own client. Hi relationships and to be in a position right had to be the interface between the firm and a client at a relatively young age and so I had that experience just in the back office crunching numbers a little little doing more in the front office before I probably deserved to be in the front office but again at bear stearns. You'd have more people in that scope so it was good background. When I came to Goldman Sachs I learned a lot first of all about covering big companies bear stearns really would have focused more on smaller companies and I learned a lot about working teams. I would say bear stearns had more of a sole proprietorship kind of model. Where if you were the banker you kinda brought in the business? You prosecuted the business. You did a lot of it yourself. It wasn't a particularly fulsome team team approach and Goldman is all about covering companies on a team basis and that really was key learning for me and I learned a lot about how to swarm company with broad swath of of opportunities and capabilities over for sex demystify for us the role of president and COO. It's a very lofty signing title. What does it mean on a day-to-day basis. Let's talk a little bit what your typical week might look like so. I've been in this job about a year the way I think about it. I actually think those two titles are somewhat different and I think about the the job as chief operating officer I and president second what I mean by. That is my role right now. Really is to first learn the firm and understand the inner workings of the firm across the different complexities of all the businesses that were in and the new initiative that we're embarking upon and be valuable than trying to lead the firm and making sure that we execute suit against the existing businesses and the new priorities and so that's a really operationally intensive job bus the chief operating officer component. The president job really comes into play play more on an external basis where you're out with clients with governments with regulators and other external constituencies where that title has real resonance in your position on the firm. I'm is important to that constituency and they liked the title President and that bestows on you and notion of being at the top of the firm inside the firm people don't really care about the title president they care about the title Chief Operating Officer if you're actually doing the job that way and so I tend to try to really lean in to the divisions and to the new initiatives and see if I can be of value you and help to making things happen that otherwise wouldn't happen because of the role that I play because of my knowledge of what's happening around the firm so when you talk about the coo job you talk about X. Skidding making sure things are happening. How do you do that which is not inconsequential in a firm the size and scope and make sure that we're executing on those larger strategic took objectives to which involve a fair amount of change in change management one of the things that we've started doing is actually getting together the key leaders and the different divisions together gather on a regular basis biweekly and really parsing the execution priorities between existing businesses and new initiatives and actually being very purpose. I fall about delineating the two were not taking our eye off the existing businesses because those franchises are strong. They're important and they need to be managed and cared for in in a very important way versus the new initiatives which earlier longer range kind of j-curve investment opportunities where you can have a long term horizon and you can start to really think about things over three eighty five ten year period that meeting is really run in a bifurcated fashion where we think about existing business new opportunities whether synergies between the two and I really spend probably half my time on the existing businesses and half Mike Tomlin the new initiatives and we try to go through in a pretty systematic fashion where we are making progress and where we have problems Zain deficits and where I've got to spend more time weekly biweekly or monthly basis one thing you've talked a lot about is breaking down silos inside the firm which doesn't sound like the most glamorous it's work but explain why that's important to you and how you going about doing well on the first day in our job. David Stephen and I put out a memo that talked about one Goldman Sachs and really focusing on clients and trysofi clients at the core of everything that we do and serving our clients as one firm which again sounds pretty simple and basic and you would think we'd be doing that for one hundred and fifty years and there's an ethos in the firm to do that but we observed was that the organizational structure of the firm was getting in the way of the ethos the firm in terms of prosecuting that in the right way so we think de silencing the firm really is about bringing everybody together to solve clients problems or our own problems uh-huh for that matter whether it's an technology platform context or any other context and bringing the best of what we have to offer together across all the different disciplines of the firm to get to the last answer and that seems again quite simple but there's a lot of organizational calcification if you will that we've got to cut through to do that you're right. It's unglamorous but I think what we we have a real strength that the core is we have a culture and ethos where people want to behave that way having better bear stearns. I've only been at one of the firm of my life. Bear stearns would never been able to achieve this. I think a lot of affirms in our industry wouldn't be able to achieve this. If we're really successful in doing this. We are going to be differentiated because I think we have a cultural basis to want to work together to respect each other to work in the notion ocean of getting the best answer for our clients and to be one firm. I think that is our cultural underpinning but we've got US throwing leash that capability and break down the silos and doing that yeah well anyone. I want to spend time with clients knows. The client doesn't care how we're organized. They just WANNA. That's right solution to that problem so you and David leadership team of set out certain goals. How are you measuring during progress against those goals. And how do you yourself see progress. One of the things we're really trying to do is think long term in the context of the goals that were setting out because it's very easy in a public company where you've got quarter quarter earnings pressure to be falling into short termism in terms of thinking about what kind of progress we making house the stock trading what were earnings last quarter. What are they going to be this quarter and of course we have to live with some of those pressures. You can't avoid them but I would say answer your question. We're really setting a three year running kind of three year path as we think about our progress so our business planning is now done on a three year basis that used to be on a one year basis so all the business units now think about their business opportunity eighty their investment spend their returns their margins their sales growth etc all in a three year basis and every one of those initiatives that I talked about that. We're focused on and has at least a three year plan in some cases. It's a five year plan or even longer plan. Our credit card. Joint Venture with apple is a much longer than three year plan because he takes a long time to build a business like that from scratch our transaction banking platform that we're building and will launch in the first quarter of next year. We'll have a much longer than three year horizon so you can measure investment banking on a three year plan. Dan and say okay. We have an existing book of business an existing franchise. How are we making it better over the next three years on a new venture it may be five or ten year build and so we're setting out metrics were very focused including KPI's and metrics and making sure that we've got real mathematical grounding where we can hold people accountable Barossa trying to give people the space to make adjustments be creative creative make some mistakes fail readjust and go forward and I think that's an important thing that balance is an important thing that we're constantly tinkering with the trying to make sure we get right talk a little a bit about working with David. You've worked together for a long time both at bear and Goldman for last nineteen years how's that working relationship evolved over time. I mean inside the firm. Irma externally presented a united front but behind the scenes. I know you have different views from time to time and you're not afraid to express those. Has that changed with these new jobs David's. It's an extraordinary professional. I worked with them for most of my career. I've learned a lot from him. He's been a mentor to me and so I really have great respect for what he brings to the table. We are different front. Were pretty complimentary. In the way we operate. I think we see things similarly in many respects but we have different talents and skills we bring to the table so we do complement each other and so you're right we we will usually present united front but that doesn't mean we always started from a position of unity but one of the things he and I feel quite strongly about as if you're leading an organization whether it's a group of people well a business affirmed and the case now leading means creating a real pathway people want to follow which means when you ultimately get to a place where you agree on where the path is you should the united there shouldn't be a lot of gray matter you can disagree you can kick and scream and fight behind closed doors but when you come out you set a direction people wanna see and feel that there's conviction and unanimity committee in the leadership behind that direction so we're pretty good at having our our disagreements behind closed doors and there's not tons of disagreements we generally have a similar worldview and we generally want to get got to the same place and we generally have the same ethos about how we're going to get there but we may have different perspectives on how to get there who the right people are to get us there in some cases and so we generally handle those those things more behind closed doors when we come out and we agree one side of the other is going to prevail and then we get behind whatever side prevails and we go you spend a lot of time obviously as coo hello running the business data..
"goldman" Discussed on 10 Things That Scare Me
"Here we got ready. Number one. That no one will love me. Group hall says if you don't love yourself how the hell anybody else. I'm not a huge fan of myself to be honest. Number two. Failing at my job. Number three. Fear being a success. Number four. Failing at being a parent. I am from a family where at least with my parents, we went through very rocky time. I've two siblings. Don't really talk to either of them. May younger sister, and I never live together, and never had much of a relationship, and my older brother, and I did live together. And we fought all the time and I'm afraid that I'm going to somehow do the same thing to my family and have children. Don't wanna talk to me or children. Don't wanna talk to one another. So I just kind of marinate in that fear. Number five. Being selfish. There's a part of me that has a hard time recognizing things outside of myself. And I know it, I see it in myself like I don't want to, you know, do the cat litter ever. I don't want to do the laundry ever, I don't wanna be the one who has to take the kids to the park. I don't wanna be the one who has to shop for groceries. I want to like half my own time. Number six. Let me think here. What else am I? Well, I'm desperately. Being. I afraid of being alone, definitely. In my adult life, I have lived without a roommate once for about two months and hated it. I have been a serial monogamist before. I got married in every relationship I was in. I would always say okay, I'm pretty unhappy right now in this relationship, but this is the last person who will ever be interested in me. So I have to commit to this, no matter how bad it gets. This is only deserve and I'm not going to get anything better. Number seven. That the world will be consumed by fire and unsustainable. Ecological disaster. All right. I've got to go maybe two and a half. Eight. I am a fear that I don't matter. And if I if I could throw in a bonus one, I have a few that my best days are behind me. All the exciting stuff. I've done is over with everything is in the past now. Number nine. I would say that, honestly, I have a fear of confrontation. Number ten. I have a fear that no one actually respects me. I feel like the more I've moved into a career that I actually care about. It's felt more that way. Lemme tell you something being a landscaper was the greatest job. There was no stress. I'd listen to music all day I was in great shape. Spend the whole day outdoors it paid terribly. God was an enjoyable job. It was great. It was great. And then in the wintertime, it segue into putting up Christmas lights for people. My name is Alex Goldman. And these are ten things that scare me. Alex, Goldman is the co host of reply all from Gimblett media. If he liked ten things that scare me, Tele friend and leave us a review on your podcast app. Let scares me. Giant waves. Of nausea. What are you scared of tell us at ten things podcasts
"goldman" Discussed on Exchanges at Goldman Sachs
"Welcome to exchanges. Goldman sachs. I'm Jake Siewert global head of corporate communications here at the firm today. I'm here with MandA hill. Lynn and Sandra Lawson to talk about a new report that you co wrote with some other women at the firm from the global markets institute or GMI called closing the gender gaps advancing women in corporate America GMI is the independent public policy and corporate advisory think-tank for Goldman Sachs. Amanda is chief operating officer for global investment research and the president GMI and Sandra is executive director of GMI, Sandra. Amanda walk into the program. Thanks for having us. Yes. Thanks for having us. So let's start at the beginning. Amanda, why did you decide to write on this topic? And was there a particular catalyst? There's no topic that is more front of mind today than gender equality and equality in general, it doesn't matter whether. Are you open your newspaper your Twitter feed your inbox? You talk to your friends you talk to clients colleagues. This is a topic that people are focused on and not only is it a topic that people are focused on but our clients in particular have begun to ask us questions around. How do they move the needle on the issue of gender equality and promote more women inside of their organizations and see better gender related outcomes. And so really for us from an advisory perspective the principal catalyst was demand from our clients. And then of course, it's something that we find personally interesting as well. And also happens to be one of the topics that is front of mind for our society at large today, those were really the fundamental underpinnings for the reason to write the report, Amanda, what kind of feedback gotten since you publish this report. It's funny. I think there is a view that this could potentially be controversial. And in fact, the feedback has been just the opposite. In other words. Most of our clients both on the institutional investing side and on the corporate side have said to us. Yes, we understand. We're facing these issues. Thank you for talking about them. We want actually be involved in a dialogue and debate. We don't wanna be uncomfortable. Having these discussions. There's no stigma associated with it. We should be out there in the dialogue. And if you're not part of the dialogue, you can't possibly understand what's going on. So for us. It was actually a lot less controversial in very well received by our client base so far. I'm just going to guess that some of the people thought it would be caught virtual or men, actually. No, no, no, no. It was actually quite mixed. Yeah. We've really wasn't just men. Yeah. Okay. It was quite mixed. Sometimes you have to talk about things that are slightly uncomfortable. And you have to talk about them. Because if you don't talk about them, you can't resolve problems. And sometimes when you go close to an issue and talk about things like downshifting, whether it's voluntary or in volunteer. Gary it's natural for people to just get a little bit uncomfortable around that. And so I think from our perspective we wanted to be very clear that we weren't trying to take view. We were never trying to say that women shouldn't feel like they can make choices in their lives. Of course, they showed in those choices should be respected. But we wanted to be part of the dialogue and demonstrate with numbers and facts, what some of the issues are that are outside in the world, and that are facing women, but these are not only women's issues their issues for society at large their issues for men, and they can't be viewed as only being women's issues. So I would say feedback overall has been really positive so turn to the report you talk a bit about this twenty percent wage gap, which gets a lot of attention in the national press in our conversations about this..
"goldman" Discussed on Exchanges at Goldman Sachs
"But we'd rather not have daytoday resources on this we'd rather outsource to another firm so i think there's definitely been part of the reason why outsourcing has picked up in the last number of years all right mike thanks for joining me today covered a lot of ground thank you that concludes this episode of exchanges of goldman sachs i'm jake siewert thanks for listening and i hope you can join us again next time this podcast was recorded on april thirteenth two thousand eighteen abusing opinions expressed here in should not be construed as an offer to buy or sell any securities and such views and opinions may differ from those of goldman sachs global investment research or other departments or divisions of goldman sachs and it's affiliates this information may not be current and goldman sachs says no obligation to provide any updates or changes neither goldman sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore including in respect of direct indirect or consequential loss or damage is expressly disclaimed goldman sachs is not providing any financial economic legal accounting or tax advice in this podcast in addition the receipt of this podcast by any listener is not to be taken as close to tooting the giving of investment advice by any goldman sachs entity or individual to that listener nor to constitute such person a client of.
"goldman" Discussed on Exchanges at Goldman Sachs
"Some of other being a startup there yeah i guess is why i say has side against should have surprise me because you get a budget smart people and we have some very good people in the region and you tell him to make money and you give them some rules i am the follow the rules but they also develop their own way of making money and there's no reason why needs to look like the way we do it in new york the way we do it in london but i'm a big believer that there's a reason why we had the position that we have in the markets where we operate and it comes down to the cultural the way we interact with our clients the way we interact with each other the way we think about our commitments what we do and what we don't do of procedures so you name it i couldn't really be more specific but after eighteen years in the firm i guess i know whether the goldman sachs ways and i'll be happy if at the end of my tenor latin america goma sacked latinamerica looks more like goldman sachs new yorker goldman sachs london because i'm sure longerterm is going to guarantee that we're going to be able to get to the position we want to get to stay there all right i'll thank you very much for joining us today pressure thank you for having me that concludes this episode of exchanges goldman sachs and jake siewert we hope you join us again next <music> this podcast was recorded on january seventeen two thousand eighteen <music> the information contained in this recording was obtained from publicly available sources and has not been independently verified by goldman sachs neither goldman sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed this recordings should not be relied upon to evaluate any potential transaction goldman sachs is not giving investment advice by means of this recording and this recording does not establish a client relationship with goldman sachs
"goldman" Discussed on Exchanges at Goldman Sachs
"You can see if the banking system considerably what the banks have paranoid about quite rightly so is losing control of the payment system so if you think about one of the functions the banks really fulfill their really at the center of the payment system for any developed economy and not puts them in a very very valuable and unique position and that's something that they count afford to lose so as you start to see these technologies get adopted if they do get adopted on a widespread basis the banks have no option other than to making sure that they are fulfilling the needs that clients that a using cryptocurrencies need richard thanks for joining us today thank you very much for having me back and that's all through this episode of exchanges goldman sachs object stewart thanks for listening this podcasters recorded on december xi two thousand seventeen all price references and market forecasts correspond to the date of this recording this podcast should not be copied distributed published or reproduced in whole or in part the information contained in this podcast does not constitute research or recommendation from any goldman sachs entity to the listener neither goldman sachs nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the statements or any information contained in this podcast in any liability therefore including in respect of direct indirect or consequential loss or damage is expressly disclaimed the views expressed in this podcast are not necessarily those of goldman sachs and goldman sachs is not providing any financial economic legal accounting or tax advice or recommendations in this podcast in addition the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by goldman sachs to that listener nor to constitute such person a client of any goldman sachs entity.
"goldman" Discussed on Exchanges at Goldman Sachs
"This is exchanges the goldman sachs i'm jake siewert global head of corporate communications here at the firm today will be discussing e s g an impact investing and we're lucky to have three very thoughtful practitioners with us he lost in helps lead goldman sachs asset management's client business in overseas both institutional clyde strategy and the divisions esg efforts scott brown is the ceo managing partner of new energy capital and elizabeth mcgovern is the program director for impact investing at the mcknight foundation thank you all for being here thinking thinking hugh your job here's the firm includes oversight of our environmental social and governance investing efforts in our asset management division that's e s chief for short and also called responsible or sustainable investing how is itchy investing different from quote unquote traditional investing in what kinds of asset classes are open to an investor utilizing this esg framework but frame it is really there are three approaches there's an approach that focuses on alignment that's where an investor asks is there a way to have greater degree of synchronicity between their values and objectives in what's represented in their portfolio the second way is integration that's where elections around the s g shoes is used to evaluate the forward prospects of usually a corporate issuer of debtforequity it's a lynn's as a portfolio manager thinks about advantageous prospects for a company and then the third dimension is impact that's generally associated with private markets where the proximity of the capital that you're providing took the corporate enterprises fairly close and your seeking a financial return but a measurable impact.
"goldman" Discussed on Exchanges at Goldman Sachs
"Mm mm um this is exchanges goldman sachs objects you at global head of corporate communications here the firm today very glad to be joined by harvey schwartz harvey's the firm's president and khosi allow david solomon and before that he was our chief financial officer and before that coheaded scourge division harvey welcome to the program cheik great to be here so let's start harvey at the evolution of your careers very interesting story you want someone that people would necessarily peg as a future executive goldman sachs shows us a little bit about who you are growing up i grew up in new jersey and i definitely consider myself a jersey kid him huge fan of bruce springsteen and of course for any of my other fellow jersey folks southside johnny but you've got to be pretty deep in the weeds now the jersey bands you know like lots of kids i had my challenges while i was fourteen my mother passed away and you're in retrospect that was pretty to stabilising for me as a young person n after that my father and i both struggled and i would say overall i've found again like lots of kids my high school years were pretty difficult and the and i think it's fair to say i just wasn't the best high school system i think you would have said at the time pretty unlikely i'd be sitting here talking to you today jake that's for sure so how did you make it out of high school in onto college you ended up attending ractors how did that happen well after high school i didn't go to college right away i took off a year that wasn't some designed gap year that was basically because i done so poorly on high squat in applied any colleges.
"goldman" Discussed on Exchanges at Goldman Sachs
"So to deal mostly we'd issues of compliance strictly speaking my first responsibilty as chairman there they are legally prescribed routes of its of course overall sharing the board of directors i tried to help achieve all the objectives we have strategically in the firm most globally and for goldman sachs international and having been in the government which rights a lot of the rules looking at it from the perspective of a company that is complying with all the rules in the infrastructure i compliance any initial thoughts after a year here in fact today there is a lot of attention more than i was expecting frankly to issues of compliance and tuitions of regulation to issues of accountability it's amazing the time energy debt goldman sachs devotes to those issues probably some people more on the business side will say it's too much i'm told by people that are in the phone for a long time that there was a change over time but in fact i have to say for meat is quite a surprise to see how much people at all levels of the firm both in london and also here in new york along they devote the energy the commitment to these issues of compliance accountability and integrity the issues of culture of the firm broadly speaking so obviously goldman sachs survey global company but our main offices tend to be in big cities that often times are more pro globalization and maybe more liberal than the rest of the world new york city london hong kong singapore how do you think the firm arthur think of its responsibilities at a citizen all of the markets where we operate or put another way when is it the right time for us to speak out as i said earlier it depends on the gravity of these sean to seriousness i think as such we are not and should not be seen as partisan.