Goldman Sachs Won't IPO Un-Woke Firms

IRRection's picture
Rank: Neanderthal | 2,879

hello mostly non-professional finance enthusiasts. just saw it on the inter-news that GS won't IPO any firm that doesn't have at least 1 diverse board member. link to fucken bloomberg article.

i'm not sure that this is a good move by dj d-sol, especially given his banks floundering performance since he took office (goldman sachs more like goldman sucks amirite haha). can't help but picture jamie dimon and james gorman popping significant boners (picture it) at the prospect of eating goldman's lunch. fuck, maybe even moynihan will be foaming at the mouth over this.

what do you guys think? is this some kind of under-the-hood pr magic that i'm too simple to understand? or is this just plain-jane fucken terrible business strategy?

Comments (50)

Jan 24, 2020

well that's a ripperoni pepperoni

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Jan 24, 2020

thank for your objective opinion, diverse analyst at gs

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    • 1
Jan 24, 2020

No problemo, I really try to apply myself without bias.

Jan 24, 2020

goldman should focus on having more diverse summer programmes

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Jan 24, 2020

the fastest way to accelerate your career at goldman sachs is by selling coke on the trading floor

Jan 24, 2020

bump

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  • Intern in HF - RelVal
Jan 25, 2020

Technically that photo's diverse by GS standards--- there's a girl in it

Jan 28, 2020

What's their intake of people not coming from upper class background?

Jan 24, 2020

IPO fees are borderline trash at this point. Not a bad move for publicity.

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Jan 24, 2020

fees is fees is fees man. surely bad to spurn the ipo revenue stream while marcus (wew) is still in its teething phase.

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    • 1
Jan 24, 2020
IRRection:

fees is fees is fees man. surely bad to spurn the ipo revenue stream while marcus (wew) is still in its teething phase.

I doubt it really will prevent them from doing any IPO. I'd imagine most companies have at least one "diverse board member" - if you take the broadest description that could mean a female, non-Caucasian male, LGBTQ, someone with a disability, etc; - covers a good ~75% of the population

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  • Intern in IB-M&A
Jan 24, 2020

Another instance of SJW's running amok on Wall Street. What is the benefit of this besides GS feeling good about themselves?

I'd be very surprised if companies with diverse boards suddenly flock to GS for their IPOs solely because of a policy from which they derive no benefit. The likely outcome is that the all white male boards will just choose MS or another competitor.

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Jan 27, 2020
MaherSabe:

GS jews want to see the demise of European men

Settle down Hitler

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Jan 27, 2020
MaherSabe:

GS jews want to see the demise of European men

Antisemitism this time, @WallStreetOasis.com

Admittedly a break from the white nationalism

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Jan 24, 2020

it's PR. there's not a single S&P 500 company with an all male board

so yeah, maybe dimon and gorman have boners, but jamie's is because he's gonna make $30 milly a year, and gorman's is because the stock is now approaching its 2 year high (0% return for 2y)

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Jan 24, 2020

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    • 1
Jan 24, 2020

kek

Jan 24, 2020
IRRection:

Cums aggressively

Username checks out

"The three most harmful addictions are heroin, carbohydrates, and a monthly salary." - Nassim Taleb

    • 1
Jan 27, 2020

Lol yup. Not as if GS will be passing up any IPOs because of this. To the extent they even have potential clients with no boardroom diversity, I'm sure they're already advising a change before going public.

Funniest
Jan 24, 2020

I swear they were trying to suck off the Saudi prince's cock the other day for the Aramco IPO

Array

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Jan 27, 2020

Ah, you must have missed the cliff notes where dogshit dictatorships are exempt.

Jan 28, 2020

That's why this is limited to Europe and the US, allows Asia & Middle East to be conveniently exempt

Jan 24, 2020

wack.

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Jan 24, 2020

what's the benefit for GS here? I don't get it.

Jan 25, 2020

There's a brand benefit. Not only makes the firm look progressive (something they've always worked hard to do) but more importantly it's the occasional reminder that GS is the leader. Always ahead of the pack,seeing the future before others. Jamie Dimon does the same shit with his frequent comments on policy.

This all may sound minor, but consider how minor the costs are. How many IPOs in the pipeline lack a single female or minority, and are unwilling to simply add one? I suspect very few. Furthermore, any bank will tell them they should probably add a diverse member anyway before IPO, to appease the PC mafia that controls a lot of the narrative.

So rather than sacrificing, I think DJ is actually doing the opposite: trying to create the appearance of sacrifice where there is none.

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Most Helpful
  • Intern in IB-M&A
Jan 24, 2020

I mean GS' bread and butter is M&A. Unless GS implement "woke" policies for M&A transactions, GS should be fine. From an IPO standpoint, most companies have at least one "diverse board member" taking the broadest description (referring to what @amonkey_1 said) so it really is just good PR

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Jan 26, 2020

Agreed. It's kinda like a vegetarian saying they won't eat meat unless it is organic. They aren't fucking going to in the first place anyway.

Jan 24, 2020

Oh well I don't think it'll work out, by summer someone will be complaining that these companies are just doing the bare minimum.

Jan 25, 2020

these companies are just doing the bare minimum!

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Jan 25, 2020

Goldman is a big enough bank that can set the trend. There are a whole lot of companies (run by confused millennials) that hate banks, old white boomers and the system as a whole. If GS continue to market this properly all that junk might go public with them.

Jan 27, 2020

ironically, mr j meriwether, it was the collapse of a certain long term capital management that delayed goldman going public in the first place. jon corzine sends his regards.

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Jan 26, 2020

I saw the news and just have a couple of thoughts:
1. Progressive doesn't equal to correctness.
2. GS attitude is pretty conceited. It thinks it has the leverage over its potential clients, but I believe it's the clients who made GS what it is today, not the other way around. It is not the only firm who knows how to do an IPO. Companies will just go to others.

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Jan 27, 2020

everyone here is missing the point. this is like saying you won't IPO people that fund concentration camps. the likelihood of a company going public at a size that would interest goldman without a female or minority on the board is slim to none. this is nothing more than posturing, it changes nothing.

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Jan 27, 2020

How is this equal opportunity? Refusing to do business with an all white male BOD simply because they are white is a form of discrimination is it not?

Jan 27, 2020
Comment

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