Goldman Sachs

From ArticleWorld

Goldman Sachs has its headquarters located at New York City, USA. The firm has been given the honor of being one of the oldest and most respected Financial Investment Banks. The other corporate offices of the company are located at Chicago, Frankfurt, Hong Kong, Tokyo and London. The ranges of clients catered by the company are from big governments, gigantic companies, and some of the wealthiest people in the world. The company has expertise in many fields like advisory for mergers and acquisitions, underwriting services and wealth management, just to name a few.

History

The company was started in 1869 by a German immigrant, by the name of Marcus Goldman. His son-in-law, Samuel Sachs, joined the firm and took the company to new heights. In 1896 the firm became a member of the New York Stock Exchange. The company was the pioneer to popularize the use of P/E ratio for evaluating company stocks. The firm also took a leading role in creating the IPO market and were first to recruit MBA`s as employees for the company.

Time line

After the recession of the stock markets in the 30`s, it almost took its toll on the company, due to its high risk trading in the stock markets. With the taking charge of the firm, Sideney Weinburg as the Senior Partner in 1930, started providing services to corporate clients and some of America’s biggest companies. In 1950, Gus Levy initiated a technique called as “Block Trading” which boosted huge revenues for the company. 1956 was the year for the forming of the “Investment Banking Division” and the “Institutional Sales Division”. The largest IPO of the time, Ford Motor Company, was managed by Goldman Sachs in the same year. The first overseas office was setup in London in 1970. The company was ever expanding and achieving newer heights by the year 1986 with the listing on the London as well as Tokyo Stock Exchanges. The division of “Goldman Sachs Asset Management” is formed and the IPO of Microsoft is completed under the services of the firm. The Beijing office was formed in 1994 and in 1996 the Yahoo IPO was also handled. Presently the total earnings for the company were in excess to $22 billion with over twenty thousand employees spread across the world.

Trendsetter

The “Firm” as Goldman Sachs is also known as, has always been a leader in its field with innovative and unique ideas creating pugmarks for the world to follow.