Goldman's 3-word slogan that became a rallying cry and an internal joke for staff

Butter on Steak

The three words are out.

Restaurants give their favorite customers free add-ons, and so should Goldman Sachs.

Bloomberg News reports that that’s the message Pablo Salame, the firm’s co-head of trading, had for his troops in April at a town hall meeting after the division posted the worst first-quarter results in more than a decade, according to people who attended the event or watched a taped version distributed internally.

Too often top clients are confronted with a tangle of fees from disparate desks that don’t work together, or they’re snubbed entirely attempting transactions deemed too small by a misguided trader, Salame, 51, told the gathering, one of the people said.

He said he was tired of losing. In an impassioned speech, Salame likened the problem to a regular at a restaurant who asks for butter on his steak, only to be rebuffed by penny-pinching chefs in the kitchen.

“Just add butter!” Salame implored his team.

The three-word slogan quickly became both a rallying cry and an internal joke, and blue baseball caps emblazoned with the phrase in white lettering were passed around - reminders that are now scattered about trading desks on the fourth and fifth floors at Goldman’s headquarters in Manhattan, one of the people said.

Hit the link below to access the complete Bloomberg News article:

Goldman's Fix for Trading Desk's Dysfunction: ‘Just Add Butter’

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