Goldman Sachs' public relations offensiveMay 25, 2012: 9:40 AM ET
We are now live on Twitter (finally) at the GS Annual Meeting. Follow us here for updates on our work, our research, and our people.—
Goldman Sachs (@GoldmanSachs) May 24, 2012
Welcome to Twitter, Goldman Sachs! The above tweet is how @GoldmanSachs announced its entrance to the Twittersphere on Thursday and by Friday morning, the account had racked up more than 10,741 followers.
Goldman Sachs (GS) timed the launch of its Twitter account to coincide with its annual shareholder meeting, which turned out to be fairly uneventful. CEO Lloyd Blankfein's $12.4 million pay package was approved by more than 94% of shareholders.
The Twitter feed launch is just one part of Goldman's new public relations offensive.
In early March, the firm hired Jake Siewert, a veteran of the public relations departments of the U.S. Treasury Department, the Clinton White House and Alcoa (AA), as its new head of PR. And for the past month, Siewert has been holding town hall style meetings at Goldman Sachs' Manhattan headquarters to walk employees through the firm's new strategy.
At one recent meeting, Siewert laid out his vision for a more open and friendly Goldman Sachs. He told the firm's lawyers that Goldman Sachs could no longer stick to doing its work behind a curtain. Siewert said Goldman must find ways to define itself to the public and become more proactive about doing so, according to an employee attending the meeting.
A company spokesperson confirmed details of the meeting.
Siewert spoke of the difficult task the firm faces in rebuilding its credibility in the wake of the financial crisis and from the recent scathing op-ed by an ex-employee .
That meeting was held May 10.
Even with a rapidly growing following on Twitter, Goldman Sachs' official feed has a long way to go to catch up to its elevators' anonymous Twitter feed. @GSElevator's account supposedly and often mockingly chronicles what's been said and heard on the banks' elevators. That account has more than 262,000 followers and 704 tweets.
So far, @GoldmanSachs has only three tweets.