Moral Purpose and Organizational Resilience: Sandler O'NEILL & Partners, L.P. In the Aftermath of September 11, 2001.

The article examines the organizational resilience shown by Sandler O'Neill & Partners L.P. after losing employees and assets during the September 11, 2001 terrorist attacks. Several situational factors contributed to the resilience of firms hit in the attacks. The attack was an isolated incident rather than a series of recurring events. Sandler was not only blameless, but noble, attacked as a symbol of success. Aspects of the situation, however, can only augur the possibility of recovery; it hardly portends Sandler O'Neill's phenomenal post-September 11, 2001 success. The success of the firm can only be attributed to the newly found moral purpose that invigorated the entire community. Moral purpose was a motivational factor in and of itself. But it had multiplier effects in concert with factors, including an ability to get help, and the pull of opportunity. Moral purpose enabled the firm to attract and retain help from the outside. In the aftermath of the attack, the firm was faced with an avalanche of extraordinary demands: managing the media, handling waves of calls from well wishers, legal concerns, estate issues, regulatory issues, child care, funerals and counseling. The crisis generated publicity and celebrity. Public approval of Sandler O'Neill's management, and the effectiveness with which Sandler managed public relations led to invitations for new deals. Management fully accepted the generosity of others, allowing the firm to enter deals that were made available and made business sense.