Goldman Sachs TwitterIn a move to give itself more of a voice in an online conversation in which it largely gets lambasted, Goldman Sachs (GS) joined Twitter Thursday. Tweeting from @GoldmanSachs, the firm dropped its first three sub-140-character missives -- noting, for example, that it will invest or finance $40 billion in clean tech over the next decade.

Though the move coincided with Goldman's annual shareholders meeting, "[the Twitter account] had been in the works for a while and was accelerated somewhat by my feeling that we couldn't afford not to be in the space," said Jake Siewert, the new global head of corporate communications at the investment bank.

CEO Lloyd Blankfein and the other C-level executives signed off on the decision, he said.

Twitter, of course, is the social media platform where @GSElevator tweets humorous (and allegedly real) dialogue between investment bankers as they travel between floors at the office. The subversive tone of that Twitter account displays the bankers as both arrogant misogynists and greedy nogoodniks. It was that sort of thing, among other pervasive negativity about the bank, that spurred Goldman to increase its social media presence.

"Without commenting on any particular voice, there are lots of people who communicate on Twitter about GS every day -- some serious, some funny, some trying hard," Siewert said. "It's important for us to have a voice there as well."

The traditional press office currently operates the Twitter feed, but Goldman is considering adding a dedicated staffer to handle digital media, Siewert said.

Much maligned throughout the financial crisis, Goldman began taking even heavier flak after the March New York Times op-ed column of Greg Smith, a former employee who left after 12 years at the firm and who described the current environment there as being "as toxic and destructive as I have ever seen it." Though Blankfein may claim to do God's work, Smith painted a damning portrait of a firm where managing directors -- with an air of braggadocio and disdain -- referred to clients as "muppets."

The PR disaster that was Muppetgate broke less than 24 hours after Siewert assumed his position at Goldman, but he knows something about crisis management. He was a press advisor to President Bill Clinton throughout his impeachment trial, and the president's final press secretary.

Of course, Goldman is a little late to the social media party, but there's nothing like a press disaster to induce change. Why did it take the investment bank so long to get on Twitter?

"Hard to say," Siewert said. "Of course, consumer companies like Starbucks and Pepsi have been excellent in the space, but I've been pretty impressed with how traditionally reticent institutions like Treasury, Blackstone, the Federal Reserve have used digital media. No reason why banks can't try."

Of course, more investors and financial advisers are using social media to acquire financial information and advice. That real-time conversation is becoming increasingly important to shareholders and clients.

"No doubt," Siewert said. "Our customers and clients are increasingly using social media, and we need to be where they are."



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Blackgirlsnow.com

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May 29 2012 at 10:54 AM Report abuse rate up rate down Reply
Master Sixkiller

SNAFU

May 29 2012 at 8:12 AM Report abuse +2 rate up rate down Reply
krazzicraig

Goldman /Sachs gets heat because they are a corrupt bunch . They have in the middle of every misdeed on wall street .

May 28 2012 at 5:33 PM Report abuse +3 rate up rate down Reply
Heddy Switaj

Goldman Sachs is probably the least problematic financial organization. Morgan-Stanley, BofA, and many others have worse track records. They get lambasted because they have a Jewish sounding name and we are permeated with anti-semitism in this country--just as the western world has been for many centuries.

May 28 2012 at 1:23 PM Report abuse -2 rate up rate down Reply
2 replies to Heddy Switaj's comment
arcticshade

They get Lambasted for helping to destroy the world economy. These criminals that constantly bribe our political figures should go to jail for doing so. Religion has nothing to do with this. You get bailouts.. you pay them back or go to jail.

May 28 2012 at 4:04 PM Report abuse +3 rate up rate down Reply
tj1108

They are full of crooks that move in and out of Goverment. In Goverment to set up deals only they are privy to. Then out of Goverment to rake in the billions.

May 30 2012 at 8:12 AM Report abuse rate up rate down Reply
ajaswinski

PATHETIC BOOKIES. THEY SHOULD BE IN JAIL FOR BETTING AGAINST THEIR OWN CLIENTS. THAT IS CRIMINAL AND ILLEGAL. WASINGTON+WALL STREET= GET OUT OF JAIL FREE CARD.

May 28 2012 at 1:18 PM Report abuse +3 rate up rate down Reply
percheron1

"Our customers and clients are increasingly using social media, and we need to be where they are."...Yeah, Right...ONE PERCENTERS on Twitter...NOW that's funny...

May 27 2012 at 10:03 AM Report abuse +1 rate up rate down Reply
1 reply to percheron1's comment
laptop603

yep, that's right. Do you think the 99% can afford a phone? Oh, you mean the .002% of Americans who are complaining and calling themselves ows and think they are 99%? no, they can't afford a phone.

May 28 2012 at 1:54 PM Report abuse -2 rate up rate down Reply
1 reply to laptop603's comment
arcticshade

Are you aware phones are free with the catch of a plan? If your going to act ignorant. At least sound like you know what your talking about. Millions of people across the world are fighting the banks/corps and the bailouts for destroying the world economy and making them pay for it instead. Also if you know about surveys and such. They say people that actually to the streets is a small percent of a very large percent of the population. The majority does not support this crony capitalism/plutocracy.

May 28 2012 at 4:00 PM Report abuse +1 rate up rate down
Rich

Tweets get lost in the fast moving world we live in, they should work on there Information Box here.

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May 26 2012 at 7:42 AM Report abuse rate up rate down Reply
gttdux

the "Golden Rule" for the 1%: " We get all the Gold" and GOLDman Sachs is at the head of the class in getting all the gold. BREAK'em UP NOW !!!

May 25 2012 at 4:06 PM Report abuse +3 rate up rate down Reply
1 reply to gttdux's comment
laptop603

Ahhh, sounds like sour grapes.

May 28 2012 at 1:55 PM Report abuse -2 rate up rate down Reply
a1623yankee

Just another place to lie and lay the foundation for theft.

May 25 2012 at 3:51 PM Report abuse +3 rate up rate down Reply