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. In FY2025, the firm ranked #1 globally in announced and completed M&A.

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. Major institutional holders include Vanguard Group, BlackRock, and State Street Corporation. The firm has a market capitalization exceeding $150 billion as of 2026.

What is Goldman Sachs' annual revenue?
Goldman Sachs reported FY2025 net revenues of $58.28 billion, up 9 percent from $53.51 billion in FY2024. Net earnings were $17.18 billion, and diluted EPS was $51.32. Global Banking & Markets contributed $41.45 billion, Asset & Wealth Management contributed $16.68 billion, and Platform Solutions contributed $151 million. The firm increased its quarterly dividend by 12.5 percent to $4.50 per share beginning in Q1 2026.

Who is Goldman Sachs' CEO?
David Solomon has served as Chairman and CEO of Goldman Sachs since October 2018 (CEO) and January 2019 (Chairman), succeeding Lloyd Blankfein. Under Solomon's leadership, the firm has grown revenues by 60 percent since its 2020 Investor Day, improved returns by 500 basis points, and delivered total shareholder returns of more than 340 percent. Solomon led the strategic retreat from consumer banking and the refocus on institutional businesses.

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 joined the New York Stock Exchange in 1896 and went public in 1999 after 130 years as a private partnership, raising approximately $3.7 billion in its IPO.

What was the 1MDB scandal?
The 1MDB scandal involved Goldman Sachs helping raise approximately $6.5 billion for the Malaysian sovereign wealth fund 1MDB between 2012 and 2013. The funds were 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. Former Goldman Sachs partner Tim Leissner pleaded guilty to conspiracy to launder money and violate the Foreign Corrupt Practices Act.

What is happening with the Apple Card?
In 2025, Goldman Sachs signed an agreement to transition the Apple Card program to another issuer. The transition resulted in $2.26 billion in markdowns on the outstanding credit card portfolio as the loans were transferred to held for sale, largely offset by a $2.48 billion reserve reduction. The firm also transitioned the General Motors card program. These actions effectively complete Goldman Sachs' exit from consumer banking, which began in 2022 and involved approximately $3 billion in cumulative losses.

Goldman Sachs was founded in 1869 by Marcus Goldman, a German-born immigrant who arrived in the United States in 1848. Goldman started a commercial paper business in New York City, buying promissory notes from merchants at a discount and reselling them to commercial banks. The business was small but profitable.

In 1882, Goldman's son-in-law Samuel Sachs joined the firm, which was renamed Goldman Sachs & Co. The firm expanded into securities underwriting and joined the New York Stock Exchange in 1896. In the early 20th century, Goldman Sachs underwrote the IPO of Sears, Roebuck and Company in 1906, establishing its reputation as a leading underwriter. The firm also pioneered investment trusts, but the collapse of several Goldman-sponsored trusts during the 1929 stock market crash severely damaged its reputation.

Sidney Weinberg, who served as senior partner from 1930 to 1969, rebuilt the firm's reputation. Weinberg transformed Goldman Sachs into a leading M&A advisory firm and built relationships with the CEOs of major American corporations. Under Gus Levy, who succeeded Weinberg, the firm developed its block trading and risk arbitrage businesses and expanded internationally.

Goldman Sachs remained a private partnership for 130 years. 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 the partnership structure and made Goldman Sachs a publicly traded corporation.

The 2008 financial crisis was a defining moment. Goldman Sachs received $10 billion in TARP funds from the U.S. government in October 2008 and repaid them in June 2009. The firm converted to a bank holding company in September 2008, gaining access to Federal Reserve lending facilities. Goldman Sachs paid a $550 million settlement with the SEC in 2010 related to the Abacus CDO, a synthetic collateralized debt obligation.

Lloyd Blankfein served as CEO from 2006 to 2018, leading the firm through the crisis and its aftermath. David Solomon became CEO in October 2018 and launched a strategic initiative to diversify beyond institutional businesses, including Marcus (consumer banking) and the Apple Card partnership. The consumer banking initiative proved less profitable than expected, and Goldman Sachs announced a significant retreat from consumer banking in 2022 and 2023. By 2025, the firm had signed agreements to transition both the Apple Card and GM Card programs to other issuers, effectively completing the exit.

In 2025, Goldman Sachs delivered record net revenues in Global Banking & Markets and Equities, the second-highest investment banking fees in firm history, and ranked #1 globally in announced and completed M&A and leveraged loan offerings. The firm's 10,000 Small Businesses program celebrated its 15th anniversary, having served over 15,000 small business owners.

Goldman Sachs has committed to mobilizing $750 billion in sustainable finance activity by 2030, covering areas including climate transition, inclusive growth, and sustainable development. The firm previously achieved its goal of financing and investing $150 billion in clean energy by 2025.

On climate, Goldman Sachs has set science-based targets to reduce greenhouse gas emissions across its operations and supply chain. The company committed to achieving net-zero emissions from its operations by 2030 and has implemented programs to increase renewable energy usage, achieving approximately 85 percent renewable energy usage as of 2025.

The firm's 10,000 Small Businesses program, launched in 2009, celebrated its 15th anniversary in 2025. The program has served over 15,000 small business owners across the United States and the United Kingdom, providing business education, capital, and support services. Goldman Sachs Gives, the firm's donor-advised fund, supports education, community development, and social initiatives.

Goldman Sachs faces ongoing scrutiny regarding the balance between its sustainable finance commitments and its role as a leading underwriter and advisor for fossil fuel companies. The firm has stated that it engages with clients on their transition plans rather than refusing to work with carbon-intensive industries.

Goldman Sachs received multiple awards in 2025:

• Euromoney Private Banking Awards 2025: 18 awards including World's Best Private Bank
• Euromoney Best Investment Bank for M&A 2025: North America's best investment bank for M&A
• Fortune Most Admired Companies: Ranked among the world's most admired companies in securities (2024 and 2025)
• Handshake Early Talent Awards 2025: Recognition for excellence in early talent recruitment and internship programs
• Great Place to Work Certification (2024 and 2025): Certification for workplace culture across multiple regions

Goldman Sachs has faced significant legal and regulatory challenges throughout its history.

The 1Malaysia Development Berhad (1MDB) scandal was the most significant regulatory matter in the firm's recent history. Goldman Sachs helped raise approximately $6.5 billion for the Malaysian sovereign wealth fund 1MDB between 2012 and 2013. The funds were 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 regulators in the UK, Singapore, and other jurisdictions, with total costs exceeding $5 billion. The scandal led to the conviction of former Goldman Sachs partner Tim Leissner, who pleaded guilty to conspiracy to launder money and violate the Foreign Corrupt Practices Act.

The firm 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 allowing a hedge fund that was betting against the CDO to help select the underlying securities. The settlement was one of the largest SEC penalties ever assessed against a financial firm at the time.

During the 2008 financial crisis, Goldman Sachs received $10 billion in TARP funds and converted to a bank holding company. The firm faced criticism for its role in packaging and selling mortgage-backed securities while simultaneously shorting the housing market. The firm also faced criticism for advising Greece on financial transactions that obscured the country's debt levels before the European debt crisis.

The consumer banking retreat, including Marcus and the Apple Card partnership, generated significant scrutiny. The Apple Card launch in 2019 was marred by allegations of gender bias in credit limit decisions, which Goldman Sachs denied after an investigation by the New York State Department of Financial Services. The consumer banking initiative lost approximately $3 billion over its lifetime before Goldman Sachs announced its retreat in 2022 and 2023. The transition of the Apple Card to another issuer was announced in 2025.

Goldman Sachs operates under extensive regulatory oversight from the SEC, Federal Reserve, FDIC, and international banking authorities. The firm must navigate complex regulatory requirements across multiple jurisdictions while maintaining global operations. Compensation practices, market conduct, and conflicts of interest remain areas of ongoing regulatory attention.