The First Pine Street Program: Executive CoachingThe first formal initiative Pine Street put in place was a one-on-one
executive coaching program. Although informal mentoring had been
a critically important aspect of the firm’s culture, formal coaching had
rarely been used at Goldman Sachs. The few coaches deployed in the
firm were often given remedial assignments with individuals facing
various interpersonal issues. From the outset, the Pine Street coach-
ing program was structured as a very different undertaking:
- Coaching was offered not to remedial cases but rather to fast-
track leaders for whom the firm had bigger plans. - Participation was entirely voluntary at the invitation of
senior business leaders, who sponsored selected leaders from
within their businesses.
DEVELOPING ALEARNINGCULTURE ONWALLSTREET 323Exhibit 29.1 How Pine Street Works, Cont’d.- Any member of the team can speak for Pine Street and can
commit Pine Street to a project or a completion date, and
that commitment will always be honored. - Our first decision rule in staffing any project is to ask who has
time and wants to do it. We don’t stereotype people. We
believe that most people have the good sense to sign up for
things they are capable of doing and to ask for help when
needed. - We support and encourage all team members, regardless of
their level or years of service, to develop a particular area of
expertise. - We work to develop each other, and we share credit. When
someone leaves a voice mail about a completed piece of work,
it is usually to boast about something another team member
has done. We also see to it that whoever does the work gets
formal recognition for that work (and gets to make the pre-
sentation, no matter to whom).