The Goldman Sachs Group Inc.

What does Goldman Sachs do?
Goldman Sachs provides investment banking advisory (M&A, restructuring), underwriting (IPOs, debt issuance), securities trading (equities, fixed income, currencies, commodities), asset management for institutional clients, and private wealth management for ultra-high-net-worth individuals. The firm serves corporations, financial institutions, governments, and high-net-worth individuals globally.

Is Goldman Sachs publicly traded?
Yes, The Goldman Sachs Group, Inc. trades on the New York Stock Exchange under ticker symbol GS. The company went public in May 1999, ending 130 years as a private partnership. There is no controlling shareholder, with ownership distributed among institutional investors including Vanguard Group and BlackRock.

What is Goldman Sachs' annual revenue?
In FY2024, Goldman Sachs reported net revenues of approximately $53.5 billion, a 16% increase from FY2023. The Global Banking & Markets segment contributed approximately $34.5 billion and Asset & Wealth Management contributed approximately $16.1 billion.

Who is Goldman Sachs' CEO?
David Solomon has served as Chairman and Chief Executive Officer of Goldman Sachs since 2018 (CEO) and 2019 (Chairman), succeeding Lloyd Blankfein. Solomon has led the firm's strategic refocus on its core institutional businesses following the retreat from consumer banking.

When was Goldman Sachs founded?
Goldman Sachs was founded in 1869 by Marcus Goldman in New York City as a commercial paper business. Samuel Sachs joined in 1882, and the firm was renamed Goldman Sachs & Co. The firm went public in 1999 after 130 years as a private partnership.

What was the 1MDB scandal?
The 1MDB scandal involved Goldman Sachs helping raise approximately $6.5 billion for the Malaysian sovereign wealth fund 1MDB, which was subsequently looted by Malaysian officials and their associates. Goldman Sachs paid approximately $2.9 billion to the U.S. Department of Justice in 2020 and reached additional settlements with other regulators, with total costs exceeding $5 billion.

Goldman Sachs was founded in 1869 by Marcus Goldman, a German-born Jewish immigrant who had come to the United States in 1848. Goldman started a commercial paper business in New York City, buying promissory notes from merchants and reselling them to commercial banks. The business was small but profitable, and Goldman built relationships with New York's merchant community.

In 1882, Goldman's son-in-law Samuel Sachs joined the firm, and it was renamed Goldman Sachs & Co. The firm expanded its commercial paper business and began underwriting securities for corporations. Goldman Sachs joined the New York Stock Exchange in 1896, establishing its presence in the securities markets.

In the early 20th century, Goldman Sachs became a significant force in the emerging market for initial public offerings (IPOs). The firm underwrote the IPOs of Sears, Roebuck and Company (1906) and other major companies, establishing its reputation as a leading underwriter. Goldman Sachs also pioneered the use of investment trusts, though the collapse of several Goldman-sponsored trusts during the 1929 stock market crash severely damaged the firm's reputation.

Goldman Sachs rebuilt its reputation through the mid-20th century under the leadership of Sidney Weinberg, who served as senior partner from 1930 to 1969. Weinberg transformed Goldman Sachs into a leading M&A advisory firm, advising on major corporate transactions and building relationships with the CEOs of major American corporations. The firm's M&A advisory business became a defining competitive strength.

Under Gus Levy, who succeeded Weinberg, Goldman Sachs developed its block trading and risk arbitrage businesses, becoming a leading market maker in equities. The firm also expanded internationally, opening offices in London and other financial centers.

Goldman Sachs remained a private partnership for most of its history, a structure that aligned partner incentives with firm performance and enabled long-term thinking. The firm went public in May 1999 in an IPO that raised approximately $3.7 billion, valuing the firm at approximately $33 billion. The IPO ended 130 years of partnership structure and made Goldman Sachs a publicly traded corporation.

The 2008 financial crisis was a defining moment for Goldman Sachs. The firm had reduced its exposure to subprime mortgage securities before the crisis and was one of the better-positioned major banks when the crisis hit. However, Goldman Sachs received $10 billion in TARP funds from the U.S. government in October 2008 and repaid them in June 2009. The firm also converted to a bank holding company in September 2008, giving it access to Federal Reserve lending facilities.

Goldman Sachs faced significant reputational and legal challenges related to its role in the financial crisis, including a $550 million settlement with the SEC in 2010 related to the Abacus CDO, and ongoing criticism of its role in packaging and selling mortgage-backed securities. The firm also faced criticism for its role in advising Greece on financial transactions that obscured the country's debt levels.

Lloyd Blankfein served as CEO from 2006 to 2018, leading the firm through the financial crisis and its aftermath. David Solomon became CEO in October 2018. Solomon launched a strategic initiative to diversify Goldman Sachs beyond its traditional institutional businesses, including the launch of Marcus, a consumer banking platform, and the Apple Card partnership with Apple. However, the consumer banking initiative proved less profitable than expected, and Goldman Sachs announced a significant strategic retreat from consumer banking in 2022 and 2023, refocusing on its core institutional businesses.

In 2024, Goldman Sachs reported strong results driven by a recovery in investment banking activity, strong equities trading, and growth in asset and wealth management. The firm's FY2024 net revenues of approximately $53.5 billion represented a 16% increase from FY2023.