One Action, Two Achieves

Financial services firm Goldman Sachs announced the launch of a $500 million initiative last Tuesday co-chaired by Berkshire Hathaway chief executive Warren Buffet that will aim to provide 10,000 small businesses with improved access to business education, networks, mentors and financial capital. (For More)

This announcement can be seen as a massive CSR campaign, which is a step toward mending reputation.



I’m not here to doubt whether this amount of help is frequent or not, what I am going to comment is Goldman Sachs PR department did a good job with one action achieved two goals.Before the opening of this initiative, Goldman Sachs was suffering from the negative media storm. But now, not only the corporate gain reputation, but also Warren E. Buffett gained his personal reputation as well.




Warren Buffett also got in on the act. Per The New York Times,“a few hours later, as if to underscore that apology, the bank said that it was working with its largest shareholder, the billionaire investor Warren E. Buffett, to help 10,000 small businesses. The bank will offer them business and management education, mentoring and access to capital.Across Wall Street, banks have regained their profitability — but not their public standing”Still,people may doubt, how much good will can an apology — and half a billion dollars — buy? A lot, Goldman Sachs is hoping.

Positive PR move, anyway.