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The Partnership
Book

The Partnership

The Making of Goldman Sachs

Charles D. Ellis
Penguin, 2008

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Editorial Rating

8

Qualities

  • Analytical
  • Scientific
  • Background

Recommendation

Every great company invariably encounters crises that can cripple its growth or propel it to greatness. Goldman Sachs, the biggest name in investment banking, has survived, though other titans, such as Bear Stearns, have fallen. However, Goldman Sachs became a traditional bank holding company amid 2008’s tumult on Wall Street and is no longer an investment bank. Charles D. Ellis, a strategic consultant to Goldman Sachs and other financial firms for more than 30 years, has written an exhaustive company history. He analyzes the firm’s numerous triumphs and notable missteps. He shines a spotlight on the powerful personalities who shaped the firm’s development over 140 years, including several men who went on to play major roles in the U.S. government. This detailed portrayal of pivotal individuals includes revealing anecdotes, and provides insight into the formation of Goldman Sachs’s unique culture and philosophy. At more than 700 pages, including extensive notes, the book requires a serious commitment, but getAbstract believes this absorbing history will reward you amply for your time.

Take-Aways

  • Marcus Goldman started out in 1870 selling promissory notes. In 1882, he brought his son-in-law, Samuel Sachs, into his business, and named it M. Goldman and Sachs.
  • Marcus’s son Henry severed ties with the firm over his pro-German stance in WWI.
  • Few members of the Goldman and Sachs families are on speaking terms today.

About the Author

Charles D. Ellis, a longtime Goldman Sachs strategy consultant, is the author of 14 books.

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