Does Goldman actually need to change? Is having a good reputation worth much? Goldman (and other investment banks) don’t really have customers as much as counterparties, whom it may be as likely to bet against as bet with. In his recent book, “The Death of Corporate Reputation” (FT Press), the Yale legal scholar Jonathan R. Macey explains that companies, especially financial firms, once depended on their reputations to attract and retain business, but no longer. Instead, clients have no choice other than to use the services of particularly important firms. “Reputation is no longer an asset in which it is rational to invest,” he contends.NYT.
Posted on: Thu, 24 Oct 2013 13:35:55 +0000
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