The Goldman Sachs Group, Inc. (GS) is a U.S.-founded global provider of financial services. Established in 1869, the company is headquartered in New York and employs about 37,000 staff members. Goldman Sachs deals with investment banking, securities and investment management, and delivers its services mainly to institutional clients. The group operates in four business segments: Investment Banking, Institutional Client Services, Investing & Lending, and Investment Management.
Goldman Sachs was placed 17thin Forbes’ 2017 rankings of the world’s 25 biggest banks. It was no. 271 in the Fortune Global 500 in July 2017. As of 9 April 2018, Goldman Sachs had a market capitalisation of $94.75 billion.
Lloyd C. Blankfein has been Chairman and Chief Executive Officer of Goldman Sachs since 2006, and has been at the firm for over three decades. So he knows the business inside out and is a respected figure in the world of investment banking. Other key people at Goldman Sachs include: David Solomon (President and Co-Chief Operating Officer); Harvey Schwartz (President and Co-Chief Operating Officer); and Martin Chavez (Executive Vice President and Chief Financial Officer).
Goldman Sachs was founded in 1869 by Marcus Goldman, who was joined in the 1880s by his son-in-law Samuel Sachs. At the end of the 19thcentury Goldman Sachs expanded to Europe, and after World War Two it developed into a leading full-service investment bank in the United States.
A key development in modern times came in 1986 when the firm formed Goldman Sachs Asset Management, which manages most of its mutual funds and hedge funds. In the 1990s the firm strengthened its M&A and Trading business lines, and introduced paperless trading to the NYSE. In 1999, the partners decided to take Goldman Sachs public, and in May that year the firm's stock started trading on the NYSE.
As the global financial crisis unfolded in 2008, Goldman Sachs responded by converting to a Bank Holding Company to help the firm grow its franchise. Goldman Sachs won approval from the U.S. Federal Reserve to become a Financial Holding Company in August 2009.
In its full year 2017 financial results, Goldman Sachs reported net revenues of $32.07 billion and net earnings of $4.29 billion. Investment Banking generated net revenues of $7.37 billion, its second best annual performance. Diluted earnings per common share were $9.01 compared with $16.29 the previous year.In the year to December 31 2017 Goldman Sachs ranked first in worldwide mergers and acquisitions, and first in equity and equity-related offerings and common stock offerings.
The Goldman Sachs share price, which fell as low as $53 during the global financial crisis, was back over $100 by March 2009 and passed the $200 mark in May 2015. The shares retreated to $150 in mid-2016, but made a strong recovery in the latter half of the year and were trading above $250 in early 2018. To find out how the shares are doing right now, follow Capital.com. Our GS chartputs all the information at your fingertips.
New York-based Goldman Sachs has offices in all the major financial centres of the world. The firm is represented across the Americas, from Chicago and Toronto to Sao Paulo and Buenos Aires; in European financial hubs (London, Paris, Frankfurt, Milan and Zurich); and right across the Asia-Pacific region, from Mumbai to Tokyo and from Beijing to Sydney. It also has offices in Tel Aviv and Johannesburg.
Goldman Sachs is listed on the New York Stock Exchange and is a constituent of the Dow Jones Industrial Average. Check out Capital.com for the latest GS chart. We’ll keep you up to date and in the picture.
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