TVNewser AgencySpy TVSpy LostRemote FishbowlNY FishbowlDC SocialTimes AllFacebook 10,000 Words GalleyCat UnBeige MediaJobsDaily

Goldman Sachs’ PR Move? $500 Million To Small Businesses


Goldman Sachs announced a new initiative this week to invest $500 million in 10,000 U.S. small businesses. According to The New York Times, Goldman insisted that the charitable initiative, its largest in history, “was not motivated by its current public relations headache.”

The company has been at the center of much of the bad press surrounding the financial industry meltdown, and also was the first major bank to return to profitability. Rolling Stone writer Matt Taibbi, in a feature story earlier this year, called the company, “the great vampire squid wrapped around the face of humanity.”

Gene Marbach, Group Vice President at agency Makovsky + Company – which counts Citibank-Citicorp, JPMorgan Chase and Merrill Lynch as clients – told PRNewser that from a PR standpoint, it is an “excellent thing.”

“It serves a number of purposes. Yes it’s important to foster growth of new companies, and it’s a great PR move because that’s where the jobs are going to come from,” he said.

At a media event in New York last week, Burson-Marsteller CEO Mark Penn said the solving the financial industry’s PR problems is, “not about one article, it’s going to take years to work through this.” Certainly, $500 million is more than one article, and Goldman must be hoping the investment helps their image.

Goldman Sachs lists only internal contacts for U.S. PR and a number of agencies for international work, including Ogilvy PR and Manning, Selvage & Lee.

[Image: Lloyd C. Blankfein, Chairman and Chief Executive Officer, Golman Sachs]

Mediabistro Course

Content Marketing 101

Content Marketing 101Get hands-on content marketing training in our brand new boot camp, Content Marketing 101! Starting September 8, digital marketing and content experts will teach you the tips and tricks for creating, distributing and measuring the success of your brand's content. Sign up before August 15 and get $50 OFF registration. Register now!