全球领导力-第2章
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数一数二的投资银行巨头。
在欧洲征战多年以后,约翰·桑顿发现亚洲跟当年的欧洲有着相似之处,亚洲尤其是中国蕴藏着丰富的市场潜力。1994年,他问高盛集团的董事长,看自己是否能够搬到上海。董事长驳回了他的要求,因为他“在欧洲非常有前途”。但约翰·桑顿并没有因此而降低对亚洲的关注,他开始着手帮助李泽楷把星空电视(Star TV)卖给全球媒体巨头默多克。
默多克一开始对收购星空电视并没有多大兴趣,业界也普遍认为可能性不大,因为当时的星空电视还处在亏损状态。约翰·桑顿跟默多克在洛杉矶和伦敦的会面中,很少直接说到星空电视的细节。相反,他们谈的更多的是中国的发展和中国的市场潜力。默多克最终以将近10亿美元的价格收购了星空电视,约翰·桑顿也从此成为了默多克的“哥们儿”,后来默多克的BskyB在英国上市,也是由约翰·桑顿完成的。
桑顿先生1993年第一次到中国来,并工作了一年的时间,在那时对中国产生了浓厚的兴趣。
今年49岁的约翰·桑顿,在5年以前担任高盛公司亚洲区主席时,就开始和中国的许多部门和企业建立了密切的联系。
2003年,正当他成为接替该公司CEO的热门人选之际,桑顿突然宣布辞职,并且到清华大学当一名客座教授,每周一次往返于北京和纽约的家。
第一章关于约翰·桑顿(英)
Chapter I
About John LThorntonJohn Thornton was born in New York of the United States。 When he was fourteen; he enrolled in Hotchkiss; an allboy boarding school; whose students mainly came from wealthy families。 Hotchkiss was also a school that pays great attention to the cultivation of its students character。 During this period when John Thornton was in Hotchkiss; he not only made remarkable achievement in academic area; but had very good performance in sports - he held a concurrent position as the captain of both school basketball team and tennis team。 Therefore; since the day John Thornton entered into the school gate of Hotchkiss; he displayed certain quality that is doomed to distinguish him from his ancestors。 Brought up in such a family that most of its family members were lawyers; Thornton should have bee an excellent barrister as well。
When John Thornton was still in his youth; he spent eight years time to get the bachelor degree of history; master degree of law and master degree of administration study in Harvard University of the United States; Oxford University of Great Britain and Yale University of the United States respectively。 Not following his familys tradition to be a lawyer; he mainly focused his attention on investment and financial field when he was hunting a job at the age of 26。 In 1980; John Thornton got a position in Goldman Sachs Corporation that had a history of more than 100 years。 Like any other newers; he experienced and gradually got rid of all the confusions and disforts as he first entered into society and became a partner of the pany at the age of 34。 From a ordinary employee in the merging and acquisition department at the headquarter located in New York to the second most important figure in Goldman Sachs Corporation; Thornton has stayed in the pany for 22 years and closely affiliated his personal career with Goldman Sachs。
As the expert on merging and acquisition affairs; Thornton revived the sluggish London market in the 1980s by utilizing some ingenious strategies。 Hereafter; he established his reputation and made a great stride toward being a world famous investment banker。
From Operating Independently to Win the First Battle to ‘Cross the River by Groping for the Stone’
Thorntons bestknown contribution to Goldman Sachs Corporation is that he widened the panys international business。 As a matter of fact; Goldman Sachs Corporation to a great extent was still an internal firm nearly without international business at the time when Thornton joined it。 But under the leadership and the guidelines of Thornton; the original International Business Sector with only fifty employees at first developed into a major department with more than six thousand employees。
In less than 10 months after he joined the pany; he told his superior that he wanted to take charge of a project by himself。 Maybe; taking into consideration of his background as a newer; his superior only gave him a project with little hope for success。 The client of this project is world famous gum product manufacturer who hope to sell out the pany at a reasonable price。 But in the past two years before they came to contact Goldman Sachs Corporation; Thorntons client had already negotiated with more than two hundred different firms without success。 Thats why Thorntons superior thought that the project did not have much chance for success。
Having investigated the project; John Thornton found that the 200odd panies his client had contacted were all from the United States。 Suddenly; an idea flashed through his mind: why not try the panies outside America。 Thus; he chose six foreign panies that he thought might have the intention to purchase his clients pany。 Thomas Tilling Corporation was one of them。 And the board chairman of this pany happened to have the plan to open up American market。 He showed great interest in John Thorntons advice and finally bought his clients pany。
The success of the project enlightened John Thornton。 Since then he diverted his attention to British economy as well as the development trend of the whole European economy。 So he put forward an application for an opportunity to go to London for the purpose of tapping European market。 “When I told my colleagues that I was going to London; they all said I was crazy”; recalled John Thornton。 He continued; “Actually even I myself was not sure whether European economy had the evidence of revival; or in what speed Europeans would take to reform their economic system; or whether American investment bank would like to go to Britain to set up branch organizations。 Moreover; there were not any experiences or lessons I took as a reference in open up British market。 All I could do was to cross the river by groping for the stone。”
‘American Model’ Remold London to a Modern City
At the end of 1982; John Thornton moved to London with the plan to provide investmentcounseling service to European firms and help them to open up American market。
‘Indeed; nothing is easy at very first’; John Thornton said so when he looked back on the time the situation as he just arrived at London。 He recollected that; ‘at that time; I just worked in the investment bank for less than 3 years。 And I still had not had my 29th birthday。 You know; it is not easy to be a successful investment consultant at that age’。 In order to attract the attention of British enterprises; John Thornton made out two strategies for himself。 First; try everything to make himself the investment consultant of the wellknown enterprises and entrepreneurs in Britain; which enable him to set up his reputation as a successful investment consultant。 Second; find those British enterprises whose market value was underestimated by stock market; because it was quite possible that these panies would end up with hostile takeover。 Very soon; people could always found this American at the lunch table of the British security bankers。 He always came without anyones invitation and always came straight to talk about cooperation and business。
Sometimes; you have no choice but believe an old saying: without coincidence there would be no stories。
The very first day when John Thornton just arrived at London; he just got the ‘gift’ endowed by God。 At that time; he just picked up and began to skip that days newspaper at hand。 Suddenly a news title jumped into his eyes - The Hostile Takeover to Thomas Tilling Corporation。 This article mentioned that the purchasing price was about £ 630 million; over four times higher than the highest purchasing price (£ 150 million) in British history。 In terms of this issue; many people held that this acquisition had no chance for success for Thomas Tilling at that time was still an industry tycoon。 But John Thornton had different idea。 No sooner he saw the report than he called the board chairman of Thomas Tilling Corporation and said; ‘Maybe I can help you’。 Since they had cooperated with each other before; the board chairman invited him to have a facetoface talk with him。 So he came to Thomas Tilling Corporation and analyzed at length for him the situation they were in and emphasized that this hostile takeover was not a small matter。 He told the chairman that the hostile takeover had wide chance of success if they did not pay great attention to it。
In the following three days; the security bank employed by Thomas Tilling still did not have any reaction to this issue; just like nothing happened during those days。 As a result; Thomas Tilling ceased the contract with that bank and hired Goldman Sachs as the investment consultant。
This hostile takeover did not succeed at last。 And due to the big influence of Thomas Tilling; Goldman Sachs also stood out conspicuously in business sphere in Britain。 John Thornton summarized; I learned from this experience that British investment bank actually did not had many experiences pared with that of the United States。 Furthermore; the financial system reform that had begun in Britain offered Goldman Sachs more opportunity and strengthened my confidence to bring American experience to Britain。 On the other hand; it also changed our idea on the means of helping European enterprises to open up American market。 On the basis of the original blueprint; we need to help them to improve their investment and ameliorate their management in the domestic market。 Since then; he started his plan to train experts on hostile takeover prevention。
It is true that the market consciousness was not very strong in Britain in the early 1980s。 The general feeling was that they are quite ‘gentleman’ because they just waited their customers to visit them as soon as they sign the contract with them。 John Thorntons ‘American model’ brought about turmoil in the sphere of British security bank。 In 1986; there were altogether five hostile takeovers in Britain; each of which was a deal with a purchasing price beyond £ 1 billion。 And Goldman Sachs took part in four of these five hostile takeovers; three of which successfully defeated the hostile takeover。 As to the rest one; the actual purchasing price was much higher than the original one。 So to some extent; it could also be counted as a successful one。
As early as 1983; Thornton had already started his attempt to establish investment bank and develop franchising business in Europe。 In 1985; he moved to settle down in London。 Therefore; it could be said that it was almost on the basis of nothing that Thornton established his gigantic merging and acquisition business in Europe and successful opened up a new battlefield for Goldman Sachs。 It is by no means an easy project; because the business culture in Europe in the 1980s was still reputed for its conservativeness and selfplacence。 Even for American; they still had to overe many handicaps in culture and custom differences。
In 2002 when Thornton; the incumbent Chief Executive Officer of Goldman Sachs and the United Chief Operative Officer left London that he had