How the financial crisis prompted Goldman Sachs to embrace social media
Roughly a decade ago, Goldman Sachs was basking in the glow of an economic boom and reporting record earnings per share. Today, the bank's name is more widely-known among American consumers, but not for the reasons it would like; rather, it has been bracketed with the institutions saddled with the popular blame for the economic crisis which began in 2007.
Lisa Shalett, head of brand marketing and digital strategy at Goldman Sachs, told delegates at the "Brand New World" event – co-sponsored by The Barbarian Group and Bloomberg – that tracking and participating in social-media conversations had become essential for the organisation as it pursued the ongoing effort of rebuilding its reputation.
"In a world where communications have become so democratized with social media, you don't want social media conversations to be happening about you or your brand without you knowing or participating in it," said Shalett.