As others have noted, this isn't efficient at all. They've incentivized some of the highest-paid (ie. most expensive) employees in all of business to waste their most valuable resource - time - in pursuit of a token savings.
The folks at GS are extremely smart people, which leads me to believe that this isn't unintentional at all. Instead of achieving actual savings, they have:
* An effective PR stunt.
* A low-cost signaling mechanism for employees to show their dedication to Goldman's "cultural values"
Make no mistake, this has nothing to do with "capital efficiency" and everything to do with "image"
Comments
As others have noted, this isn't efficient at all. They've incentivized some of the highest-paid (ie. most expensive) employees in all of business to waste their most valuable resource - time - in pursuit of a token savings.
The folks at GS are extremely smart people, which leads me to believe that this isn't unintentional at all. Instead of achieving actual savings, they have:
* An effective PR stunt. * A low-cost signaling mechanism for employees to show their dedication to Goldman's "cultural values"
Make no mistake, this has nothing to do with "capital efficiency" and everything to do with "image"
It seems like this discussion has forgotten that there was an enormous line at 12:30 that was wasting more people's time.