The Goldman Sachs Business Principles
We stress teamwork in everything we do.
While individual creativity is always encouraged,we have ound that team eort oten produces thebest results. We have no room or those who put theirpersonal interests ahead o the interests o the rmand its clients.
The dedication o our people to the frm and theintense eort they give their jobs are greater thanone fnds in most other organizations.
We think that this is an important part o our success.
We consider our size an asset that we try hardto preserve.
We want to be big enough to undertake the largestproject that any o our clients could contemplate, yetsmall enough to maintain the loyalty, the intimacyand the esprit de corps that we all treasure and thatcontribute greatly to our success.
We constantly strive to anticipate the rapidlychanging needs o our clients and to developnew services to meet those needs.
We know that the world o nance will not stand stilland that complacency can lead to extinction.
We regularly receive confdential inormationas part o our normal client relationships.
To breach a condence or to use condentialinormation improperly or carelessly wouldbe unthinkable.
Our business is highly competitive, andwe aggressively seek to expand our clientrelationships.
However, we must always be air competitors andmust never denigrate other rms.
Integrity and honesty are at the hearto our business.
We expect our people to maintain high ethicalstandards in everything they do, both in their workor the rm and in their personal lives.
Our clients’ interests always come frst.
Our experience shows that i we serve our clients well,our own success will ollow.
Our assets are our people, capital and reputation.
I any o these is ever diminished, the last is the mostdicult to restore. We are dedicated to complying ullywith the letter and spirit o the laws, rules and ethicalprinciples that govern us. Our continued successdepends upon unswerving adherence to this standard.
Our goal is to provide superior returns toour shareholders.
Protability is critical to achieving superior returns,building our capital, and attracting and keeping our bestpeople. Signicant employee stock ownership aligns theinterests o our employees and our shareholders.
We take great pride in the proessional qualityo our work.
We have an uncompromising determination to achieveexcellence in everything we undertake. Though wemay be involved in a wide variety and heavy volume oactivity, we would, i it came to a choice, rather be bestthan biggest.
We stress creativity and imagination ineverything we do.
While recognizing that the old way may still be the bestway, we constantly strive to nd a better solution toa client’s problems. We pride ourselves on havingpioneered many o the practices and techniques thathave become standard in the industry.
We make an unusual eort to identiy and recruitthe very best person or every job.
Although our activities are measured in billions o dollars,we select our people one by one. In a service business,we know that without the best people, we cannot be thebest rm.
We oer our people the opportunity to move aheadmore rapidly than is possible at most other places.
Advancement depends on merit and we have yet tond the limits to the responsibility our best people areable to assume. For us to be successul, our men andwomen must refect the diversity o the communitiesand cultures in which we operate. That means wemust attract, retain and motivate people rom manybackgrounds and perspectives. Being diverse is notoptional; it is what we must be.