A Resurgent Goldman Can Reshape Wall Street
By William D. Cohan - Bloomberg
Goldman Sachs Group Inc.’s announcement that it will now bestow coveted managing director titles upon its rising vice presidents every two years, instead of annually, may have shaken the foundation at its New York headquarters. For the rest of the world, even the rest of Wall Street, nothing much will be different.
If Chief Executive Officer Lloyd Blankfein really wants to shake up the industry, Goldman Sachs should break further from what remains of the Wall Street pack, and act like the leader it is. It needs a revamped compensation system that rewards people for taking prudent risks and penalizes those who take foolish ones.
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