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The Goldman Sachs Group, Inc. ( SAKS) is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered in Lower Manhattan in New York City, with regional headquarters in many international financial centers. Goldman Sachs is the second largest investment bank in the world by revenue and is ranked 55th on the Fortune 500 list of the largest United States corporations by total revenue. In Forbes Global 2000 2023, Goldman Sachs ranked 34th. It is considered a systemically important financial institution by the Financial Stability Board. Goldman Sachs offers services in investment banking (advisory for mergers and acquisitions and restructuring), securities underwriting, prime brokerage, asset management as well as wealth management and investment management via Goldman Sachs Personal Financial Management. It is a market maker for many types of financial products and provides clearing and custodian bank services. It operates private-equity funds and hedge funds. It structures complex and tailor-made financial products. It also owns Goldman Sachs Bank USA, a direct bank. It trades both on behalf of its clients (flow trading) and for its own account (proprietary trading). The company invests in and arranges financing for startups, and in many cases gets additional business as bookrunner when the companies launch initial public offerings. It is one of over 100 strategic partners of the World Economic Forum. The firm maintains offices in all major financial centers around the world, whilst its most important locations are New York and London. The firm is led by a board of directors, reporting to Chief Executive David Solomon. Firm leadership also consists of a separate management committee, responsible for key strategy, policy and management matters across all of Goldman Sachs’ businesses. History Founding and establishment In 1869, Goldman Sachs was founded by Marcus Goldman in New York City in a one-room basement office next to a coal chute. In 1882, Goldman's son-in-law Samuel Sachs joined the firm. In 1885, Goldman's son, Henry Goldman, and his son-in-law, Ludwig Dreyfuss, joined the business and the firm adopted its present name, Goldman Sachs & Co. The company pioneered the use of commercial paper for entrepreneurs and joined the New York Stock Exchange (NYSE) in 1896. By 1898, the firm's capital stood at $1.6 million. It opened offices in Boston and Chicago in 1900, San Francisco in 1918, and Philadelphia and St. Louis in 1920. Goldman entered the initial public offering market in 1906 when it took Sears, Roebuck and Company public. The deal was facilitated by Henry Goldman's personal friendship with Julius Rosenwald, an owner of Sears. Other underwriting work for initial public offerings followed, including those of General Cigar Company also in 1906, F. W. Woolworth Company in 1912, and Continental Can. The firm was an innovator at establishing the price–earnings ratio, instead of book value, as a method for valuing companies, and was therefore able to raise funds for retailers and companies with few hard assets. In 1912, Henry S. Bowers became the first non-member of the founding family to become a partner of the company and share in its profits. In 1917, under growing pressure from the other partners in the firm due to his pro-German stance, Henry Goldman resigned. The Sachs family gained full control of the firm until Waddill Catchings joined the company in 1918. By 1928, Catchings was the Goldman partner with the single largest stake in the firm. In 1919, the company acquired a major interest in Merck & Co. and in 1922, it acquired a major interest in General Foods. On December 4, 1928, the firm launched the Goldman Sachs Trading Corp.Ad, a closed-end fund. The fund failed during the Wall Street Crash of 1929, amid accusations that Goldman had engaged in share price manipulation and insider trading. 1930–1980 In 1930, during the Great Depression, the firm ousted Catchings, and Sidney Weinberg assumed the role of senior partner. Weinberg shifted Goldman's focus away from trading and toward investment banking. His actions helped to restore some of Goldman's tarnished reputation. Under Weinberg's leadership, Goldman was the lead advisor on the $657 million initial public offering of Ford Motor Company in 1956, a major victory at the time, as well as the $350 million debenture offering by Sears Roebuck in 1958. Under Weinberg's leadership, the firm started an investment research division and a municipal bond department, and it became an early innovator in risk arbitrage. 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. Levy was a pioneer in block trading and the firm established this trend under his guidance. Due to Weinberg's heavy influence, the firm formed an investment banking division in 1956 in an attempt to shift focus off Weinberg. In 1957, the company's headquarters were relocated to 20 Broad Street, New York City. In 1969, Levy took over Weinberg's role as Senior Partner and built Goldman's trading franchise once again. Levy is credited with Goldman's famous philosophy of being "long-term greedy," which implied that as long as money is made over the long term, short-term losses are bearable. At the same time, partners reinvested nearly all of their earnings in the firm. Weinberg remained a senior partner of the firm and died in July of that year. Another financial crisis for the firm occurred in 1970, when the Penn Central Transportation Company went bankrupt with over $80 million (~$484 million in 2023) in commercial paper outstanding, most of it issued through Goldman Sachs. The bankruptcy was large, and the resulting lawsuits, notably by the SEC, threatened the partnership capital, survival, and reputation of the firm. It was this bankruptcy that resulted in credit ratings for every issuer of commercial paper today by several credit rating services. 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. It pioneered the "white knight" strategy in 1974 during its attempts to defend Electric Storage Battery against a hostile takeover bid from International Nickel and Goldman's rival, Morgan Stanley. John Weinberg, the son of Sidney Weinberg, and John C. Whitehead assumed the roles of co-senior partners in 1976, once again emphasizing the co-leadership at the firm. One of their initiatives was the establishment of 14 business principles. 1981–2000 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. J. Aron was involved in the coffee and gold markets, and the former CEO of.... Discover the Brad Sachs Ph D popular books. Find the top 100 most popular Brad Sachs Ph D books.