Problematizing Goldman Sachs: indoctrination, paradigm shift and revolving doors

Abstract

Purpose – The aim of this article is to open a dialogue between several books written on Goldman Sachs and the academic literature. Design/methodology/approach – Greg Smith's “Why I Left Goldman Sachs” and the French investigation of Marc Roche entitled “THE Bank: How Goldman Sachs Rules the World” are closely studied to identify recurring topics regarding the investment bank. Findings – Three major dynamics are identified: the intense socialisation that every new employee encounters (almost an indoctrination), the cultural paradigm shift that Goldman Sachs underwent during the 1990s and 2000s and the intensity of the revolving doors between Goldman Sachs' managers and the public regulatory sector. Originality/value – Focusing on revolving door dynamics, this article opens a dialogue with the academic literature allowing for a problematization: the constant circulation of personnel between regulatory institutions and regulated organisations generates a convergence of actors' habitus that weakens regulation as a whole.