• [72][73] The Federal Reserve’s approval of their bid to become banks ended the business model of an independent securities firm, 75 years after Congress separated them from
  deposit-taking lenders, and capped weeks of chaos that sent Lehman Brothers into bankruptcy and led to the rushed sale of Merrill Lynch to Bank of America Corp.[74] On September 23, 2008, Berkshire Hathaway agreed to purchase $5 billion in
  Goldman’s preferred stock, and also received warrants to buy another $5 billion in Goldman’s common stock within five years.

• [20] Type : Public ; Traded as: NYSE: GS, DJIA component, S&P 100 component,,m S&P 500 component; ISIN: US38141G1040; Industry: Financial services; Founded: 1869; 154 years
  ago; Founders: Marcus Goldman, Samuel Sachs; Headquarters: 200 West Street, New York City, New York, U.S.; Area served: Worldwide; Key people: Lloyd Blankfein (Senior Chairman), David M. Solomon (Chairman and CEO), John E. Waldron (President
  and COO); Revenue: US$47.37 billion (2022); Operating income: US$13.48 billion (2022); Net income: US$11.26 billion (2022); AUM: US$2.55 trillion (2022); Total assets: US$1.44 trillion (2022); Total equity: US$117.2 billion (2022); Number
  of employees: 48,500 (2022); Divisions: Investment Banking, Global Markets, Asset Management, Consumer & Wealth Management; Subsidiaries: Marcus by Goldman Sachs, Goldman Sachs Personal Financial Management, Goldman Sachs Capital Partners,
  Goldman Sachs Ayco Personal Financial Management; Capital ratio: Tier 1 15.0% (2022; Basel III Advanced); Rating: Standard & Poor’s: BBB+, Moody’s: A2, Fitch Ratings: A History Founding and establishment[edit] See also: Goldman–Sachs family
  Goldman Sachs was founded in New York City in 1869 by Marcus Goldman.

• On September 21, 2008, Goldman Sachs and Morgan Stanley, the last two major investment banks in the United States, both confirmed that they would become traditional bank holding
  companies.

• [29] Another financial crisis for the firm occurred in 1970, when the Penn Central Transportation Company went bankrupt with over $80 million in commercial paper outstanding,
  most of it issued through Goldman Sachs.

• [97][98] In April 2013, together with Deutsche Bank, Goldman led a $17 billion bond offering by Apple Inc., the largest corporate-bond deal in history[99][100] and Apple’s
  first since 1996.

• [142][143][144][145] In June 2009, after the firm repaid the TARP investment from the U.S. Treasury, Goldman made some of the largest bonus payments in its history due to
  its strong financial performance.

• [54] Goldman sold 12.6% of the company to the public, and after the IPO, 48.3% of the company was held by 221 former partners, 21.2% of the company was held by non-partner
  employees, and the remaining 17.9% was held by retired Goldman partners and two long-time investors, Sumitomo Bank Ltd. and Assn, the investing arm of Kamehameha Schools.

• [150] Some have said, incorrectly according to others,[151] that Goldman Sachs received preferential treatment from the government by being the only Wall Street firm to have
  participated in the crucial September meetings at the New York Fed, which decided AIG’s fate.

• [68][69] The pair, members of Goldman’s structured products group in New York City, made a profit of $4 billion by “betting” on a collapse in the subprime market and shorting
  mortgage-related securities.

• Documents under seal in a decade-long lawsuit concerning eToys.com’s initial public offering (IPO) in 1999 but released accidentally to the New York Times show that IPOs managed
  by Goldman were underpriced and that Goldman asked clients able to profit from the prices to increase business with it.

• [104] Move into consumer financial products (2016–present)[edit] Logo of Marcus by Goldman Sachs Starting in 2016, Goldman Sachs has started to move into consumer financial
  products after spending most of its prior 150 years catering to institutional investors, corporations and governments.

• [42] During their tenure as co-senior partners, the firm introduced paperless trading to the New York Stock Exchange and lead-managed the first-ever global debt offering by
  a U.S.

• [57] In January 2000, Goldman, along with Lehman Brothers, was the lead manager for the first internet bond offering for the World Bank.

• These features are seen as being risky for a bank to take on, and led other banks with established consumer credit card operations including Apple’s long time partner Barclays,
  along with Citigroup, JPMorgan Chase and Synchrony, to turn down Apple’s proposal.

• [citation needed] During the 1980s, the firm became the first bank to distribute its investment research electronically and created the first public offering of original issue
  deep-discount bond.

• [75] Goldman also received a $10 billion preferred stock investment from the U.S. Treasury in October 2008, as part of the Troubled Asset Relief Program (TARP).

• [41] In the same year, the firm also underwrote the IPO of Microsoft, advised General Electric on its acquisition of RCA,[41] joined the London and Tokyo stock exchanges,
  and became the first United States bank to rank in the top 10 of mergers and acquisitions in the United Kingdom.

• [101][102] In September 2013, Goldman Sachs Asset Management announced it had entered into an agreement with Deutsche Asset & Wealth Management to acquire its stable value
  business, with total assets under supervision of $21.6 billion as of June 30, 2013.

• [124] Also during that same month, Goldman Sachs announced it had acquired the Chicago-based open-architecture digital retirement advice provider, NextCapital Group.

• [83] Goldman Sachs was one of the heaviest users of these loan facilities, taking out many loans between March 18, 2008, and April 22, 2009.

• [113][114] Goldman Sachs defended the terms of the deal saying they were “thrilled” with the partnership and seeking “to disrupt consumer finance by putting the customer first.

• [111] On May 16, 2019, Goldman Sachs acquired United Capital Financial Advisers, LLC for $750 million.

• [80] In December 2009, Goldman announced that its top 30 executives would be paid year-end bonuses in restricted stock that they cannot sell for five years, with clawback
  provisions.

• [25] Goldman entered the initial public offering market in 1906 when it took Sears, Roebuck and Company public.

• The Primary Dealer Credit Facility (PDCF), the first Fed facility ever to provide overnight loans to investment banks, loaned Goldman Sachs a total of $589 billion against
  collateral such as corporate market instruments and mortgage-backed securities.

• [103] In August 2015, Goldman Sachs agreed to acquire General Electric’s GE Capital Bank on-line deposit platform, including US$8-billion of on-line deposits and another US$8-billion
  of brokered certificates of deposit.

• [22][23] In 1885, Goldman took his son Henry and his son-in-law Ludwig Dreyfuss into the business and the firm adopted its present name, Goldman Sachs & Co.[24] The company
  pioneered the use of commercial paper for entrepreneurs and joined the New York Stock Exchange (NYSE) in 1896.

• [109] In April 2018, Goldman Sachs acquired Clarity Money, a personal finance startup.

• [31] Under the direction of Senior Partner Stanley R. Miller, the firm opened its first international office in London in 1970 and created a Private Wealth Management division
  along with a fixed income division in 1972.

• [157] Stock price manipulation[edit] Goldman Sachs was charged for repeatedly issuing research reports with extremely inflated financial projections for Exodus Communications
  and Goldman Sachs was accused of giving Exodus its highest stock rating even though Goldman knew Exodus did not deserve such a rating.

• [107] In March 2016, Goldman Sachs agreed to acquire financial technology startup Honest Dollar, a digital retirement savings tool founded by American entrepreneur Whurley,
  focused on helping small-business employees and self-employed workers obtain affordable retirement plans.

• [100] In June 2013, Goldman Sachs purchased the loan portfolio from Brisbane-based Suncorp Group, one of Australia’s largest banks and insurance companies.

• [52][53] After decades of debate among the partners, the company became a public company via an initial public offering in May 1999.

• [112] Example of physical Apple Card, issued by Goldman Sachs In March 2019, Apple, Inc. announced that it would partner with Goldman Sachs to launch the Apple Card, the bank’s
  first credit card offering.

• [56] 21st century[edit] In September 2000, Goldman Sachs purchased Spear, Leeds, & Kellogg, one of the largest specialist firms on the New York Stock Exchange, for $6.3 billion.

• [90] Global Alpha[edit] According to The Wall Street Journal, in September 2011, Goldman Sachs, announced that it was shutting down its largest hedge fund[91]—Global Alpha
  Fund LP—which had been housed under Goldman Sachs Asset Management (GSAM).

• [92] Global Alpha, which was created in the mid-1990s with $10 million,[93] was once “one of the biggest and best performing hedge funds in the world” with more than $12 billion
  assets under management (AUM) at its peak in 2007.

• [79] On March 18, 2011, Goldman Sachs received Federal Reserve approval to buy back Berkshire’s preferred stock in Goldman.

• [45] On November 22, 1994, the Mexican Bolsa stock market admitted Goldman Sachs and one other firm to operate on that market.

• Under Weinberg’s leadership, Goldman was the lead advisor on the Ford Motor Company’s IPO in 1956, a major coup on Wall Street at the time.

• [93] The Wall Street Journal described Asness and Carhart as managers of Global Alpha, a “big, secretive hedge fund”—the “Cadillac of a fleet of alternative investments” that
  had made millions for Goldman Sachs by 2006.

• [25] Mid-20th century[edit] In 1930, the firm ousted Catchings, and Sidney Weinberg assumed the role of senior partner and shifted Goldman’s focus away from trading and toward
  investment banking.

• He went on to say that he was “mystified” by the interest the government and investors have shown in the bank’s trading relationship with AIG.

• [77] In that same period, however, CEO Lloyd Blankfein and six other senior executives opted to forgo bonuses, stating they believed it was the right thing to do, in light
  of “the fact that we are part of an industry that’s directly associated with the ongoing economic distress”.

• [84] The Term Securities Lending Facility (TSLF), which allows primary dealers to borrow liquid Treasury securities for one month in exchange for less liquid collateral, loaned
  Goldman Sachs a total of $193 billion.

• [41] Robert Rubin and Stephen Friedman assumed the co-senior partnership in 1990 and pledged to focus on globalization of the firm to strengthen the merger & acquisition and
  trading business lines.

• [25] On December 4, 1928, the firm launched the Goldman Sachs Trading Corp, a closed-end fund.

• [44] Rubin had drawn criticism in Congress for using a Treasury Department account under his personal control to distribute $20 billion to bail out Mexican bonds, of which
  Goldman was a key distributor.

• “[113] Also in March 2019, Goldman Sachs was fined £34.4 million by the City (London) regulator for misreporting millions of transactions over a decade.

• [25] In the 1950s, Gus Levy joined the firm as a securities trader, where two powers fought for supremacy, one from investment banking and one from securities trading.

• [77] That same period, however, CEO Lloyd Blankfein and 6 other senior executives opted to forgo bonuses, stating they believed it was the right thing to do, in light of “the
  fact that we are part of an industry that’s directly associated with the ongoing economic distress”.

• [120][121] In August 2021, Goldman Sachs announced that it had agreed to acquire NN Investment Partners, which had US$335 billion in assets under management, for €1.7 billion
  from NN Group.

• [106] In October 2016, Goldman Sachs Bank USA started offering no-fee unsecured personal loans under the brand Marcus by Goldman Sachs.

• Two Goldman traders, Michael Swenson and Josh Birnbaum, are credited with being responsible for the firm’s large profits during the crisis.

• [2] Goldman Sachs is the second largest investment bank in the world by revenue[3] and is ranked 57th on the Fortune 500 list of the largest United States corporations by
  total revenue.

• [82][146] Andrew Cuomo, then New York Attorney General, questioned Goldman’s decision to pay 953 employees bonuses of at least $1 million each after it received TARP funds
  in 2008.

• [76] Andrew Cuomo, then New York Attorney General, questioned Goldman’s decision to pay 953 employees bonuses of at least $1 million each after it received TARP funds in 2008.

• [118][119] For charges brought for the same case in other countries, Goldman Sachs agreed in October of the same year to pay more than $2.9 billion, with over $2 billion going
  to fines imposed in the US.

• [88] According to a 2009 BrandAsset Valuator survey taken of 17,000 people nationwide, the firm’s reputation suffered in 2008 and 2009, and rival Morgan Stanley was respected
  more than Goldman Sachs, a reversal of the sentiment in 2006.

• [125] In June 2022, Goldman Sachs offered its first ever derivatives product linked to Ether (ETH).

• It was sold by Goldman Sachs – GSAMP originally stood for Goldman Sachs Alternative Mortgage Products but now has become a name itself, like AT&T and 3M.

• As of July 1, 2020, the firm would no longer take a company public without “at least one diverse board candidate, with a focus on women” in the U.S. and in Europe.

• Bloomberg has also reported that representatives from other firms were indeed present at the September AIG meetings.

• [75] The company also raised $5 billion via a public offering of shares at $123 per share.

• Meet GSAMP Trust 2006-S3, a $494 million drop in the junk-mortgage bucket, part of the more than half-a-trillion dollars of mortgage-backed securities issued last year.

• [116] In June 2020, Goldman Sachs introduced a new corporate typeface, Goldman Sans, and made it freely available.

• [34] Late 20th century[edit] On November 16, 1981, the firm acquired J. Aron & Company, a commodities trading firm that merged with the Fixed Income division to become known
  as Fixed Income, Currencies, and Commodities.

• Under Weinberg’s reign, the firm started an investment research division and a municipal bond department, and it became an early innovator in risk arbitrage.

• The company has been criticized for lack of ethical standards,[5][6] working with dictatorial regimes,[7] close relationships with the U.S. federal government via a “revolving
  door” of former employees,[8] and driving up prices of commodities through futures speculation.

 

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o ^ Jump up to:a b Son, Hugh (March 25, 2019). “Apple unveils new no-fee credit card: The Apple Card”. CNBC. Retrieved July 2, 2022.
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e “Goldman Settles With S.E.C. for $550 Million”. The New York Times. No. DealBook. United States. The New York Times Company. July 15, 2010. Archived from the original on July 8, 2017. Retrieved May 18, 2017.
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Carney, John (July 16, 2009). “Matt Taibbi’s “Vampire Squid” Takedown Of Goldman Sachs Is Finally Online”. Business Insider. Archived from the original on March 4, 2014. Retrieved February 27, 2014. What’s fascinating to us is how the spirit of
Taibbi’s piece, if not its details, has really caught on. Yesterday, the Wall Street Journal attacked Goldman Sachs as a heavily subsidized, implicitly guaranteed firm akin to Fannie Mae. They called it “Goldie Mac”. The New York Times news report
on the reaction to Goldman’s earnings also didn’t shy away from these sentiments. It said that Goldman’s traders are known as the Bandits of Broad Street (which is clever, although we haven’t heard that one before) and quoted an unnamed Wall Street
who compared Goldman staff to “orcs” in the Lord of the Rings (which is even better).
o ^ Taibbi, Matt (July 9, 2009). “The Great American Bubble Machine”. Rolling Stone. Archived from the original on July 1, 2018. Retrieved August 29, 2017. From
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