高盛的内部培训资料-IPO

IPOExecutionIPOExecutionI.TheMarketEnvironmentI.TheMarketEnvironment3WhattheHeadlinesSayWhattheHeadlinesSay……InvestmentBanksInvestmentBanks„„InsiderTradingInsiderTrading„„ResearchIndependenceResearchIndependence„„SecuritiesDistributionSecuritiesDistribution„„Principalvs.AdvisorPrincipalvs.Advisor„„ProductSuitabilityProductSuitability„„RiskManagementRiskManagement4WhattheHeadlinesSayWhattheHeadlinesSay……ClientsClients„„Accounting/FinancialManipulationAccounting/FinancialManipulation„„MoneylaunderingMoneylaundering„„BriberyBribery„„Collusion/pricefixingCollusion/pricefixing„„OptionsbackdatingOptionsbackdating„„ExecutivecompensationExecutivecompensation„„BoardroomspyingBoardroomspying„„IntellectualpropertyIntellectualproperty„„ProductsafetyProductsafety„„BusinesspracticesBusinesspractices„„SocialissuesSocialissues5KeyIssuesforInvestmentBanksKeyIssuesforInvestmentBanks„„Properuseofinformation/ChineseWallProperuseofinformation/ChineseWall„„ManagingconflictsofinterestManagingconflictsofinterest„„DuediligenceDuediligence6IssuesofBusinessEthicsinPracticeIssuesofBusinessEthicsinPractice„„AML,InsiderTrading,BriberyAML,InsiderTrading,Bribery„„ResearchindependenceResearchindependence„„MisuseofconfidentialinformationMisuseofconfidentialinformation„„ProductsuitabilityandpricingProductsuitabilityandpricing„„ActingasprincipalActingasprincipal„„ClientpracticesClientpractices„„InternalbehaviorInternalbehavior7OurApproachOurApproach„„StrongCultureStrongCulture„„ClearPoliciesandProceduresClearPoliciesandProcedures„„TrainingandEducationTrainingandEducation„„RigorousOversightRigorousOversight„„RewardandStrictEnforcementRewardandStrictEnforcement8„„#4.Wetakegreatprideintheprofessionalqualityofourwork#4.Wetakegreatprideintheprofessionalqualityofourwork.We.Wehaveanuncompromisinghaveanuncompromisingdeterminationtoachieveexcellencedeterminationtoachieveexcellenceinineverythingweundertakeeverythingweundertake……„„#6.Wemakeanunusualefforttoidentifyandrecruitthevery#6.Wemakeanunusualefforttoidentifyandrecruittheverybestbestpersonforeveryjob.Althoughouractivitiesaremeasuredintpersonforeveryjob.Althoughouractivitiesaremeasuredinthehebillionsofdollars,billionsofdollars,weselectourpeopleonebyone.weselectourpeopleonebyone.„„#7.Weofferourpeopletheopportunitytomoveaheadmore#7.Weofferourpeopletheopportunitytomoveaheadmorerapidlythanispossibleatmostotherplaces.rapidlythanispossibleatmostotherplaces.AdvancementAdvancementdependsonmeritdependsonmeritandwehaveyettofindthelimitstotheandwehaveyettofindthelimitstotheresponsibilityourbestpeopleareabletoassume.responsibilityourbestpeopleareabletoassume.„„#8.#8.WestressteamworkineverythingwedoWestressteamworkineverythingwedo.Whileindividual.Whileindividualcreativityisalwaysencouraged,wehavefoundthatteameffortcreativityisalwaysencouraged,wehavefoundthatteameffortoftenproducesthebestresults.Wehavenoroomforthosewhooftenproducesthebestresults.Wehavenoroomforthosewhoputtheirpersonalinterestsaheadoftheinterestsofthefirmputtheirpersonalinterestsaheadoftheinterestsofthefirmanditsanditsclients.clients.OurBusinessPrinciplesOurBusinessPrinciples9„„#2.Ourassetsareourpeople,capitalandreputation.Ifany#2.Ourassetsareourpeople,capitalandreputation.Ifanyofoftheseiseverdiminished,thelastisthemostdifficulttoresttheseiseverdiminished,thelastisthemostdifficulttorestore.ore.WeWearededicatedtocomplyingfullywiththeletterandspiritoftarededicatedtocomplyingfullywiththeletterandspiritofthelaws,helaws,rulesandethicalprinciplesthatgovernusrulesandethicalprinciplesthatgovernus.Ourcontinuedsuccess.Ourcontinuedsuccessdependsuponunswervingadherencetothisstandard.dependsuponunswervingadherencetothisstandard.„„#12.Weregularlyreceive#12.Weregularlyreceiveconfidentialinformationconfidentialinformationaspartofouraspartofournormalclientrelationships.Tobreachaconfidenceortousenormalclientrelationships.Tobreachaconfidenceortouseconfidentialinformationimproperlyorcarelesslywouldbeconfidentialinformationimproperlyorcarelesslywouldbeunthinkable.unthinkable.„„#13.Ourbusinessishighlycompetitive,andweaggressivelyse#13.Ourbusinessishighlycompetitive,andweaggressivelyseekektoexpandourclientrelationships.However,wemustalwaysbetoexpandourclientrelationships.However,wemustalwaysbefairfaircompetitorscompetitorsandmustneverdenigrateotherfirms.andmustneverdenigrateotherfirms.„„#14.Integrityandhonestyareattheheartofourbusiness.#14.Integrityandhonestyareattheheartofourbusiness.WeWeexpectourpeopletomaintainhighethicalstandardsineverythiexpectourpeopletomaintainhighethicalstandardsineverythingngtheydo,bothintheirworkforthefirmandintheirpersonalltheydo,bothintheirworkforthefirmandintheirpersonallives.ives.OurBusinessPrinciplesOurBusinessPrinciples10TheChairmanTheChairman’’sForum:CompassforExcellenceinsForum:CompassforExcellenceinLeadership&AccountabilityLeadership&Accountability„„DoyouholdyourselfandthosewhoworkwithyoutotheDoyouholdyourselfandthosewhoworkwithyoutothehighestofstandards?highestofstandards?„„Doyoufirstaskyourself:Isitright?,ratherthanWillthiDoyoufirs