Wall Street Can Learn from Google
May 30, 2017
Ruth Porat, CFO, Alphabet tells Economic Club of New York that Wall Street should have an open culture like Google which has helped the company to keep profit levels high and investors happy.
CNBC in its news piece titled Ruth Porat Suggests Financial Crisis Could’ve Been Avoided If Wall Street Acted More Like Google said:
Ruth Porat, the former veteran Morgan Stanley executive who’s now chief financial officer of Alphabet, suggested Monday that the financial crisis could have been prevented — or at least made less severe — if Wall Street had operated with the same transparency as Google’s parent company.
Google has no employee stock option at present. According to Porat, this eliminates the possibility of employees rigging the financial numbers or engaging in financial engineering. For Google, its greatest threat is the pace of innovation.
The company has a weekly meet TGIF wherein executives are asked tough questions by employees on any aspect of the company. Porat feels it is this tool that has helped Alphabet maintain transparency and Wall Street has something to learn from it.
Vishal Ingole, May 30, 2017
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