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 Goldman Sachs developed； Thornton also came closer and closer to the peak position in the pany。 On March 1999； Thornton became the President of Goldman Sachs。 On May of the same year； he was appointed as the United Chief Operative Officer。 Just like that； Thornton； along with John Thain； another United Chief Operative Officer of Goldman Sachs became the second most important figure in the pany who seconded to none but Henry Boson the CEO of Goldman Sachs。
‘Thornton is a figure with the sharpest international consciousness in investment bank area’； mented Fang Fenglei； the Executive President of EastAsia Industrial mercial； who had worked with Thornton for many times。 While in the eyes of his colleagues； Thornton is a charismatic leader。 ‘Thornton is very smart person。 He has such an amazing ability that he could reach the core of the problem in a very short time and bring forward the resolution scheme in a very concise way’； Zhang Lihong； the Vice Board Chairman of German Bank in AsiaPacific Region； and former Chief Representative of Goldman Sachs in Beijing Agency。 She added；‘I think the position that suit him best is the position of American President。’
Saving Vodafone
Many people maintained that one of the reasons why John Thornton could achieve such a big success in Britain was that he spared no efforts to establish personal relations with wellknown leaders。 One of the best examples of this happened in 1988 when John Thornton noticed some special points in a British electronic pany called Racal Group。
On the surface； there were nothing special in the Annual Financial Form on the Balance of Revenue and Expenditure。 What attracted him was the mobile phone subsidiary in the Balance Form。 This was a smallscale pany whose asset only consists of twenty percent of the total assets of the Group。 John Thornton recalled；‘At that time； some local panies in America were doing mobile phone business as well。 And those panies were all suffering losses。 However； the market value of several listed panies was overestimated because people at that time still believed that the mobile phone business was doomed to have a bright future。 To my surprise； I found that the mobile phone subsidiary affiliated to Racal was making profits。 So I concluded that the stock value was in fact underestimated by market； and that it was very possible it would encounter hostile takeover’。
He immediately called the Board Chairman of Racal Group （actually he did not know him at that time）。 It was his secretary that picked up the phone and helped him record his message。 In that afternoon； the Board Chairman called back him。 John Thornton told him： Wed better talk this matter face to face； but by the phone because of its importance and sensibility。 So they arranged to meet in a hotel where John Thornton told the Board Chairman his analysis and offered him a solution。 That is to take out of twenty percent of the Groups stock to let them fluctuate separately as a way to show the marke