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During three decades as the head of financial-services consulting firm Greenwich Associates, Charley Ellis had a front-row view of Goldman Sachs' rise from also-ran to king of Wall Street. He then spent a decade working on a history of the firm, published last year as The Partnership: The Making of Goldman Sachs. So what is Ellis' explanation for Goldman's spectacular rebound - it turned a $5.2 billion profit in the first half of the year - from the financial crisis...
...name-calling is fun - and, to some extent, merited. But Goldman's place at the top of the Wall Street heap can easily be explained. Same goes for JPMorgan Chase, Goldman's somewhat less controversial partner in profit. The No. 1 reason these two banks are doing so much better than their rivals is that they're better at what they do than their rivals...
...biggest disasters.) Goldmanites had no choice but to stick together and look to the long run. The firm's now pilloried entwinement with Washington (some call it Government Sachs) began in those days too, after managing partner Sidney Weinberg made the rare-for-Wall Street move of backing Franklin Roosevelt in 1932. That led to a key role for Weinberg in the World War II industrial-mobilization effort, where he got to know top executives at every major manufacturing firm in the land. After the war, these executives began to reward puny Goldman with business, most notably the giant...
JPMorgan Chase has an even longer and more storied history. It's a direct descendant of the House of Morgan that dominated Wall Street a century ago. But it's also an agglomeration of Chase Manhattan, Chemical Bank, Manufacturers Hanover, First Chicago, National Bank of Detroit, Bank One, Bear Stearns and Washington Mutual, among others, and this mishmash has only come together as a coherent whole since renowned details guy Jamie Dimon took over as CEO in 2005. "The teamwork culture at JPMorgan Chase is really Jamie Dimon," Ellis says...
While much of Wall Street and the rest of the financial sector are finally seeing some sun, the storm clouds around Citigroup just don't seem to be breaking. The company said on July 17 that it earned $3.4 billion in its second quarter. It was the second quarter in a row that Citi had announced a profit, after many critics said the company was done for. In a press release, Citigroup CEO Vikram Pandit triumphantly said, "Our financial results today reflect the incredibly dedicated efforts of all of our people around the world and their success in implementing...