Goldman sachs case - Appunti di lezione 1 PDF

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Summary

Brevi appunti schematici presi a lezione durante la spiegazione del caso di "Goldman Sachs"...

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GS KEY ELEMENTS -

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Trading and M & A  trading is transactional (buy or sell the shares in advance to gain the profit. It is more risk oriented) and m & a is consulting advising. The difference between the two is given by the word “risk taking”, orientation (short term vs long term), team vs individual, networking is very different between the two business. The partnership model is used by the investment bank: unlimited responsibility profit sharing selection: we tend to select senior people partners are the owners, employees and some directors compensation  variable because it depends on profit, seniority (higher) The investment bank uses this kind of model because a) attraction and detention: in this way you can attract talented people who want to become a partner b) we want to be more long term oriented c) adverse risk d) we want to work in a team e) networking Partnership  it has partners that are owners Co-leadership  represented the two businesses.

MACRO TRENDS 1. Competitors went public  is a problem because they get capital 2. Diversification in order to reduce the risk (stabilize the revenues) because at that time there were crisis 3. Globalization 4. Scale How to be risk? Go public or the partners don’t take profit in order to reinvest them in the company. BANKERS: going public or stay private?...