|Legal Name:||The Goldman Sachs Group, Inc.|
|Headquarters Regions:||New York, United States|
|Founders:||Marcus Goldman, Samuel Sachs|
|Number of Employees:||41000+|
|Area served:||The United States of America And World|
|Products of Company:||American multinational investment bank and financial services company|
|Net Worth in 2023:||$70 billion|
In a world full of Multinational companies, Goldman Sachs is considered a leading American Multinational company that provides financial services, consultancy, and investment management. Goldman Sachs’s headquarters is situated in New York City, USA. Marcus Goldman and Samuel Sachs founded the company. The company is one of the oldest companies in the world, existing for more than 100 years.
Well, how well do you know about Goldman Sachs? If not much, here is what we know about Goldman Sachs to date.
In 1869, the German Investment banker and businessman Marcus Goldman founded the company and was headquartered in New York. Later in 1885, it was joined by Samuel Sachs, who was his son-in-law and a successful Investment banker. Goldman decided to bring his son and his other son-in-law into the business and renamed Goldman Sachs and Co.
Now the company’s key people are Lloyd Blankfein, the senior chairman, David M. Solomon, who is the Chairman and CEO, John E. Waldron, who is the President and COO, and Richard Gnodde, who is the vice-chairman of the company.
The company first joined the New York Stock Exchange and used Commercial paper for business persons. In 1906, Goldman dealt with his friend Julius Rosenwald who was the owner of “Sears.” Then with the help of other IPO’s, he entered the public offering market. Later in the year 1917, Henry Goldman resigned due to pressure from other partners.
Henry was the first non-member of the family who became a partner and had shares in its profits. Then after the resignation of Henry, the company’s control was with the Sachs family. Later it launched “Goldman Sachs and trading Crop,” but it miserably failed during the stock market crisis.
In 1930, Sidney Weinberg joined the company and changed the perception of the company towards investment banking. He played a significant role in the firm and brought many changes to Goldman Sachs. Many types of research started under his leadership. But after the joining of Gus Levy, a security trader, there was a lot of distraction from investment banking to securities trading.
And in the year 1969, Gus took over the senior partner role from Sidney and established the Goldman Trading franchise, and the same year Weinberg retired. Then in 2007, the company got a huge profit from the prime mortgage collapse.
Awards and Achievements
Goldman Sachs Group has achieved a lot in these few years. The company has more than forty thousand employees around the world. After joining Sidney Weinberg, the company got a direction in investment banking, which helped the company make a huge profit. Sidney was one of the best investment bankers in the world.
He saved Goldman Sachs from bankruptcy. Now Goldman Sachs is popular worldwide and offers services of mutual funds, commercial banking, consulting, and management of assets apart from investment banking. It has received many awards for being the best MNC. Some of the awards are:
- “D Power” in 2019 and ranked one for personal loan customer satisfaction.
- “Nerd Wallet” 2019 Best of Award Winners
- Ranked 1 in the top 10 most innovative companies in Finance.
Net Worth & Earnings of Goldman Sachs in 2023
As of 2023, Goldman Sachs is having a net worth of around $70 billion. Its 21 percent of total revenue is from Investment banking. Global markets add about 37 percent of their earning. It involves trading and merchant banking. Assets management provides an 18 percent contribution to the net worth. It involves advisory and financial planning services. The rest of the income is from other services that it offers to the consumers.
Goldman Sachs is now the leading investment banking enterprise by revenue. It operates the maximum of its work in the United States of America. It is best known for providing excellent services to people and getting an award regularly for that.