vice 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 lived for 15 years and moved back to New York； the Financial Times in Britain even extolled him as a man who ‘turn London into a modern city’。 The a little bit overstated words in fact meant that Thornton undermined the inactive and unprogressive operational mode of the local mercial bank。
Thorntons success also partly benefited from the privatization process in Great Britain and Germany that began in the 1980s； which provide great opportunities for such investment bank as Goldman Sachs Corporation。 The project that Goldman Sachs boasts about in Britain and Germany is BPs and German Teles listing in stock market respectively。 These two super project founded Goldman Sachs reputation and leading position in Europe。 Besides； the incumbent CEO of BP is an intimate friend of Thornton。
Diverting Attention to Asia and Set up Subsidiary in China
Subsequently； Thornton diverted his attention to Asia although he still paid close attention to Europe and played an important role in the decisionmaking of Goldman Sachs European subsidiaries。 At the end of 1996； he was appointed as the Chairman of the AsiaPacific region and stayed on that position for nearly three years。 The relationship between Thornton and Asian market can be traced back to 1993 when he was appointed by Li Zekai as consultative advisor in charge of the selling of Star TV。 This enabled him to know Asian market and finally promote him to be one of the major policymakers on Goldman Sachs Corporations Asian strategy。
The performance of Goldman Sachs in Asia is recognized by its Asian counterpart as solid and stable。 In China； Goldman Sachs has been invited by many largescale stateowned enterprises； such as China Tele （HK 941； now renamed China Mobile）； Petrochina； Bank of China （Hong Kong）； to restructure the pany and assist them to list in overseas stock market。 Among them； the project of China Tele one was guided by Thornton himself in 1997。
As the international business of Gol