Goldman Sachs Group, Inc
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GOLDMAN SACHS GROUP, INC.
INTRODUCTION
During the recent financial crisis, Goldman Sachs faced various accusations and legal actions regarding its business practices. The company has been criticized for its complex and secretive deals and disloyalty to its clients. Goldman Sachs has been hit by repeated criticism giving it the reputation of being a moral hazard. Although Goldman Sachs remains highly prosperous, it has been profoundly affected by its suffering reputation, as shown with its recent and largest revenue loss since the company went public twelve years ago. It is for this reason that Goldman Sachs needs to take the opportunity to assume responsibility and restore the companys reputation for the sake of the companys future success.
Since the global financial crisis, Goldman Sachs has shown a strong commitment to building a positive CSR image through its dedication towards environmental issues, establishment of programs that boost economic development, and a commitment to making significant changes to its business principles and standards. However, Goldman Sachs needs to realize that this is only the beginning and there is a lot more work to be done.
Through an evaluation of the companys strengths, weaknesses, opportunities, and threats, recommendations in this report will steer towards improving Goldman Sachs image by strengthening client relationships, reputation, and clarity in communication. In order to build back the companys reputation a strong commitment towards ethical business performance and risk management practices is crucial. It is an important step for the company because a great part of its success relies upon it.
STRENGTHS
In order for Goldman Sachs to continue to compete successfully in the marketplace it has began to adapt to a new concept of becoming an active corporate citizen. The global financial crisis exposed various types of unethical business practices among many companies and at the same time opened doors to new opportunities that encourages companies to take an active role as a socially responsible business. Goldman Sachs immediately jumped at the opportunity and has created ways to be a socially responsible business through an extensive evaluation of its original 14 business principles and standards, establishment of programs that creates education and employment opportunities, and the creation of an Environmental Policy Framework where Goldman Sachs takes the lead in finding new resolutions to environmental concerns like climate change.
Reevaluation of Business Principles and Standards
Goldman Sachs took an important step in reevaluating its 14 Business Principles that define the way the