Goldman Sachs History
Company History:
The Goldman Sachs Group Inc.--the company changed its name from Goldman, Sachs & Co. after it went public in 1999--has been a respected player in world finance for more than 100 years. The company operates as a leading global investment banking and securities firm with two main divisions. The first division is Global Capital Markets, which includes investment banking, financial advisory services, trading, and principal investments. The second division is Asset Management and Securities Services, a business unit responsible for investment advisory services. Goldman Sachs's clients include corporations, financial institutions, governments, and wealthy individuals. The company operates over 40 offices across the globe.
Early History: Late 1880s
The company was founded by Marcus Goldman, a Bavarian school teacher who immigrated to the United States in 1848. After supporting himself for some years as a salesman in New Jersey, Goldman moved to Philadelphia, where he operated a small clothing store. After the Civil War he moved to New York City, where he began trading in promissory notes in 1869. In the morning, Goldman would purchase customers' promissory notes from jewelers on Maiden Lane, in lower Manhattan, and from leather merchants in an area of the city called "the swamp." Then, in the afternoon, Goldman visited commercial banks, where he sold the notes at a small profit.
Goldman's son-in-law, Samuel Sachs, joined the business in 1882. The firm expanded into a general partnership in 1885 as Goldman, Sachs & Co. when Goldman's son Henry and son-in-law Ludwig Dreyfus joined the group.
Henry Goldman led the firm in new directions by soliciting business from a broader range of interests located in Providence, Hartford, Boston, and Philadelphia. In 1887, Goldman, Sachs began a relationship with the British merchant bank Kleinwort Sons, which provided an entry into international commercial finance, foreign-exchange services, and currency
The Goldman Sachs Group Inc.--the company changed its name from Goldman, Sachs & Co. after it went public in 1999--has been a respected player in world finance for more than 100 years. The company operates as a leading global investment banking and securities firm with two main divisions. The first division is Global Capital Markets, which includes investment banking, financial advisory services, trading, and principal investments. The second division is Asset Management and Securities Services, a business unit responsible for investment advisory services. Goldman Sachs's clients include corporations, financial institutions, governments, and wealthy individuals. The company operates over 40 offices across the globe.
Early History: Late 1880s
The company was founded by Marcus Goldman, a Bavarian school teacher who immigrated to the United States in 1848. After supporting himself for some years as a salesman in New Jersey, Goldman moved to Philadelphia, where he operated a small clothing store. After the Civil War he moved to New York City, where he began trading in promissory notes in 1869. In the morning, Goldman would purchase customers' promissory notes from jewelers on Maiden Lane, in lower Manhattan, and from leather merchants in an area of the city called "the swamp." Then, in the afternoon, Goldman visited commercial banks, where he sold the notes at a small profit.
Goldman's son-in-law, Samuel Sachs, joined the business in 1882. The firm expanded into a general partnership in 1885 as Goldman, Sachs & Co. when Goldman's son Henry and son-in-law Ludwig Dreyfus joined the group.
Henry Goldman led the firm in new directions by soliciting business from a broader range of interests located in Providence, Hartford, Boston, and Philadelphia. In 1887, Goldman, Sachs began a relationship with the British merchant bank Kleinwort Sons, which provided an entry into international commercial finance, foreign-exchange services, and currency