Our Business Principles
1. Our clients interests always come first. Our experience 8. We stress teamwork in everything we do. While individual
shows that if we serve our clients well, our own success creativity is always encouraged, we have found that team
will follow. effort often produces the best results. We have no room for
those who put their personal interests ahead of the interests
2. Our assets are our people, capital and reputation. If any of the firm and its clients.
of these is ever diminished, the last is the most difficult to
restore. We are dedicated to complying fully with the letter 9. The dedication of our people to the firm and the intense
and spirit of the laws, rules and ethical principles that gov- effort they give their jobs are greater than one finds in most
ern us. Our continued success depends upon unswerving other organizations. We think that this is an important part
adherence to this standard. of our success.
3. Our goal is to provide superior returns to our shareholders. 10. We consider our size an asset that we try hard to preserve.
Profitability is critical to achieving superior returns, building We want to be big enough to undertake the largest project
our capital, and attracting and keeping our best people. that any of our clients could contemplate, yet small enough
Significant employee stock ownership aligns the interests of to maintain the loyalty, the intimacy and the esprit de corps
our employees and our shareholders. that we all treasure and that contribute greatly to our success.
4. We take great pride in the professional quality of our 11. We constantly strive to anticipate the rapidly changing
work. We have an uncompromising determination to achieve needs of our clients and to develop new services to meet those
excellence in everything we undertake. Though we may be needs. We know that the world of finance will not stand still
involved in a wide variety and heavy volume of activity, we and that complacency can lead to extinction.
would, if it came to a choice, rather be best than biggest.
12. We regularly receive confidential information as part of
5. We stress creativity and imagination in everything we do. our normal client relationships. To breach a confidence or to
While recognizing that the old way may still be the best way, use confidential information improperly or carelessly would
we constantly strive to find a better solution to a clients be unthinkable.
problems. We pride ourselves on having pioneered many of
the practices and techniques that have become standard in 13. Our business is highly competitive, and we aggressively
the industry. seek to expand our client relationships. However, we
must always be fair competitors and must never denigrate
6. We make an unusual effort to identify and recruit the very other firms.
best person for every job. Although our activities are meas-
ured in billions of dollars, we select our people one by one. 14. Integrity and honesty are at the heart of our business.
In a service business, we know that without the best people, We expect our people to maintain high ethical standards in
we cannot be the best firm. everything they do, both in their work for the firm and in
their personal lives.
7. We offer our people the opportunity to move ahead more
rapidly than is possible at most other places. Advancement
depends on merit and we have yet to find the limits to the
responsibility our best people are able to assume. For us to
be successful, our men and women must reflect the diversity
of the communities and cultures in which we operate. That
means we must attract, retain and motivate people from many
backgrounds and perspectives. Being diverse is not optional;
it is what we must be.
GOLDMAN SACHS 2003 ANNUAL REPORT 111
