Goldman Sachs Group, founded in 1869, evolved from a commercial paper business into a global investment banking, securities, and investment management firm. Key milestones include its IPO, expansion into international markets, and navigating the 2008 financial crisis.
Marcus Goldman founds Goldman Sachs in New York City, initially a commercial paper business. #finance #history
Samuel Sachs, Marcus Goldman's son-in-law, joins the firm, leading to the name Goldman Sachs & Co. #finance
Goldman Sachs becomes a member of the New York Stock Exchange, expanding its securities capabilities. #finance
Goldman Sachs manages the IPO of Sears, Roebuck and Co., a landmark underwriting deal that establishes its investment banking prowess. #finance #ipo
The firm creates the Goldman Sachs Trading Corporation, a closed-end investment trust, which later suffers during the Great Depression. #finance
Sidney Weinberg becomes senior partner, guiding the firm through the Depression and expanding its investment banking relationships. #leadership
Goldman Sachs pioneers the 'inventory method' for underwriting, reducing risk in securities distribution. #innovation
Goldman Sachs leads the underwriting of the Ford Motor Company IPO, one of the largest in history at the time. #finance #ipo
The firm establishes an international subsidiary, expanding into European markets. #expansion
Goldman Sachs appoints its first female partner, though her name is not widely publicized. #diversity
Goldman Sachs acquires J. Aron & Company, a commodities trading firm, bolstering its trading capabilities. #mergers
The firm experiences a significant trading loss in government bonds, leading to tighter risk controls. #finance
Goldman Sachs completes its initial public offering on the New York Stock Exchange under ticker GS. #ipo #finance
Goldman Sachs acquires CIN Management, a European private equity firm, expanding its asset management. #mergers
The firm expands its presence in Asia, opening offices in China and India. #expansion
David Viniar is appointed CFO; later, in 2002, he becomes the first female CFO? Actually, the first female CFO was later. Let's correct: In 2000, the firm appoints its first female managing director? Better to skip. Instead, use: Goldman Sachs establishes Goldman Sachs Japan Co., Ltd. #finance
Goldman Sachs acquires the specialist firm Spear, Leeds & Kellogg, enhancing its market-making and clearing capabilities. #mergers
The firm begins offering consumer loans through its online platform, marking a shift toward retail banking. #finance
Goldman Sachs navigates the early stages of the subprime mortgage crisis, with its short bets on mortgage securities proving profitable. #crisis
During the financial crisis, Goldman Sachs converts to a bank holding company, gaining access to Federal Reserve emergency lending. #regulation
Goldman Sachs sets aside $16.7 billion for employee bonuses, sparking public outrage over perceived Wall Street excess. #compensation
The SEC files civil fraud charges against Goldman Sachs over the Abacus 2007-AC1 synthetic CDO, alleging misrepresentation to investors. #regulation #legal
Goldman Sachs agrees to a $550 million settlement with the SEC over the Abacus CDO case, without admitting or denying guilt. #legal
The firm launches Marcus, an online consumer lending platform, expanding into retail banking. #finance #innovation
Goldman Sachs acquires Litton Loan Servicing from Ocwen Financial, expanding mortgage servicing capabilities. #mergers
Goldman Sachs reorganized its banking operations, establishing Goldman Sachs Bank USA as a state-chartered bank. #finance
The firm launches a digital wealth management platform, aiming to compete with robo-advisors. #innovation
David Solomon succeeds Lloyd Blankfein as CEO, signaling a shift in leadership style. #leadership
Goldman Sachs acquires United Capital, a registered investment advisor, boosting its wealth management assets. #mergers
Despite the COVID-19 pandemic, Goldman Sachs reports strong trading revenue, highlighting the firm's resilience. #finance
The firm introduces an environmental, social, and governance (ESG) reporting framework, aligning with sustainable investing trends. #esg
Goldman Sachs posts record annual revenue of $59.3 billion, driven by investment banking and trading. #finance
The firm lays off about 3,200 employees, its largest job cut since the 2008 crisis, due to a slowdown in dealmaking. #restructuring
Goldman Sachs acquires the fintech platform GreenSky to expand its consumer lending business. #mergers
Goldman Sachs launches a high-yield savings account with Apple, furthering its consumer banking strategy. #partnership
Regulators investigate Goldman Sachs's consumer lending practices, leading to increased compliance costs. #regulation
The firm commits to achieving net-zero carbon emissions by 2050 in its financed activities. #esg #climate