Goldman, Guard Your People

As Goldman Sachs (GS Quote) seeks direction amid a changed landscape for the former investment banks, the company's most important challenge is to hang onto its culture and its people.

Goldman's success rests largely on its brand, which has been enhanced in recent years by a flurry of executives -- including Treasury Secretary Henry Paulson and New Jersey Gov. Jon Corzine -- who have found their way into influential government positions. While it makes the firm subject to some wacky conspiracy theories, it doesn't stop top companies from utilizing its services.

But with Goldman expected to report its first quarterly loss later this month and its business model under attack, smaller investment banks, such as Centerview Partners, Lazard (LAZ Quote) and Evercore (EVR Quote) hope to poach some of Goldman's top dealmakers. ...