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.

Goldman Sachs has developed comprehensive sustainability initiatives focused on environmental responsibility, ethical finance practices, and community engagement. The company has committed to ambitious climate goals while maintaining its position as a global leader in investment banking and financial services.

Goldman Sachs has set science-based targets to reduce greenhouse gas emissions across its operations and supply chain. The company has committed to achieving net-zero emissions from its operations by 2030 and has implemented programs to increase renewable energy usage in its offices and data centers. Goldman Sachs has invested in energy efficiency improvements and sustainable finance processes across its global operations, achieving approximately 85% renewable energy usage as of 2024.

In sustainable finance development, Goldman Sachs has focused on reducing environmental impact across its financial services lifecycle. The company has implemented programs to increase sustainable finance offerings, develop green investment products, and optimize banking operations for energy efficiency. Goldman Sachs' commitment to sustainable finance includes initiatives for ESG investing, green bonds, and responsible investment strategies.

Goldman Sachs addresses ethical considerations through its commitment to responsible banking, ethical investment practices, and financial inclusion. The company maintains comprehensive ethical standards and has implemented programs to ensure ethical conduct in its operations, particularly in areas like investment advice, risk management, and client relationships. Goldman Sachs' ethical guidelines emphasize responsible finance, ethical investment, and corporate governance.

The company has strong community engagement programs, including Goldman Sachs Gives which supports education, community development, and social initiatives in communities where the company operates. Goldman Sachs employees volunteer thousands of hours annually, and the company provides significant support for financial education, workforce development, and community programs worldwide.

Goldman Sachs has received recognition for financial innovation, workplace practices, and corporate responsibility:

• Fortune 500 Most Admired Companies (2024 and 2025): Ranked among the world's most admired companies in securities
• Fast Company Most Innovative Companies (2020-2025): Multiple years of recognition for financial innovation and digital banking
• Great Place to Work Certification (2024 and 2025): Certification for workplace culture across multiple regions
• Financial Industry Awards (Multiple years): Recognition for investment banking and financial services excellence
• Environmental Leadership Awards (2024): Recognition for sustainable finance and environmental initiatives
• ESG Investment Awards (2023): Recognition for ESG investing and sustainable finance leadership
• Supply Chain Excellence Awards (2023): Recognition for supply chain management and ethical sourcing
• Safety Awards (2024): Recognition for workplace safety and employee well-being programs

Goldman Sachs has faced significant legal and regulatory challenges throughout its history. The most significant recent matter was the 1Malaysia Development Berhad (1MDB) scandal, in which Goldman Sachs helped 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.

The firm also paid a $550 million settlement with the SEC in 2010 related to the Abacus CDO, a synthetic collateralized debt obligation that Goldman Sachs created and sold to investors while simultaneously allowing a hedge fund that was betting against the CDO to help select the underlying securities.