Recent media coverage of the financial woes of companies like Bank of America and Goldman Sachs (see, for example, coverage from the Wall Street Journal and New York Times) often misses an important point – almost certainly part of their current troubles can be traced to their “less than worthy” behavior in the past.
- Bank of America’s undistinguished record as an employer, seller and steward – we assigned it a “C” on the Good Company Index® – has done little to earn the loyalty of its customers.
- Goldman Sachs well-documented (and penalized) money-making-schemes – that put its own interests ahead of its client – is also not a formula for earning customer support in tough times.
These firms’ focus on being big and dominant – some might call it “greed” – has caused them to lose focus on their fundamental reason for being, which is to create value for customers and society.
They are now paying the price for losing sight of that.