ORGS 2010 Lecture Notes - Lecture 1: Salomon Brothers, Ob River, Quintessentially Group

116 views2 pages
Chapter 3 – Learning to Love Your Corporate Culture
The challenges, thrill and new experienced gained as well as the excitement of working with high-caliber
people
Michael did not feel as though he was going to work, he felt as though he was going to collect lottery
winnings
One of Michael’s professors was at the top of his profession, while Michael was at the bottom of his.
Regardless he earned almost twice as much as his teacher at half the age. There was no justice in the
world
Salomon Brothers was Wall Street’s most profitable firm in 1985; could value, trade and sell bonds
extremely well
Initially, the profession was unprestigious. In 1968, 13 of the 28 Salomon Brother partners did not go to
college and one did not graduate from gr. 8
After Paul Volcker’s (chairman of the federal reserves) speech, bonds became objects of speculation
American governments, consumers, and corporations borrowed money at a faster rate during 1980’s;
volumes of bonds traded increased and so did the employment opportunities
There was nothing that made the traders more able, but the sheer size and frequency of the trades
made the company very profitable
Upon arrival to the classes, groups had formed and people started formulating opinions about others
There was separation of general employees from the executives just by the way they are dressed
The ratio of support staff to professionals was 5:1. This hypergrowth could potentially hurt the firm
The Solomon Brothers were taking in a lot of people, who were not going to devote their lives to the
company, and in such large numbers
Employees were bounded by money and the respect/social status that was associated with the
job
The workplace was described more as a prison than a office
Rank was not important at the company, money was
The company built a system around the belief that the trainees should wriggle and squirm
The managers started to trade employees like slaves
There was a great divide in the workplace, mainly because of language barriers, the atmosphere created
by the management and the effort the employees had to put to get a job
Solomon brothers wanted to hire more locals so that they could expand in Tokyo. In Japanese culture,
one would work with a company for the rest of their life, but many were not going to go to such extents
for an American company
Unlock document

This preview shows half of the first page of the document.
Unlock all 2 pages and 3 million more documents.

Already have an account? Log in

Get access

Grade+
$10 USD/m
Billed $120 USD annually
Homework Help
Class Notes
Textbook Notes
40 Verified Answers
Study Guides
Booster Classes
Class+
$8 USD/m
Billed $96 USD annually
Homework Help
Class Notes
Textbook Notes
30 Verified Answers
Study Guides
Booster Classes