Goldman Sachs CEO Lloyd Blankfein offered some telling thoughts this week on how companies that ignore public relations can end up hurting their reputations down the road. Here’s what Blankfein told Bloomberg TV:
“I think the average American probably had no contact and had never heard of Goldman Sachs before three years ago. Shame on us in a way for not anticipating how important that would be…We’ll have to do a better job, getting out there and telling people how important this industry is, what it does when we advise companies on their growth plans and finance their growth plans and manage their assets for them and how important this is for the economy, the markets and obviously society at large.”
No doubt this lesson has been learned the hard way for Goldman. Here’s hoping it serves as a warning to companies in industries that routinely find themselves under public scrutiny.