Family Business Grows, Takes the Name Goldman, Sachs & Co.

The firm adopts the name Goldman, Sachs & Co. to reflect the addition of Ludwig Dreyfuss as partner in 1888.

In January 1888, accounting for the incorporation of Ludwig Dreyfuss as partner (another son-in law of Marcus Goldman), the firm changed its name from M. Goldman & Sachs to Goldman, Sachs & Co.

After Marcus Goldman took a less active role in the business in 1893, Samuel Sachs and Henry Goldman became co-senior partners of the firm.

The unique blend of talents of Henry Goldman and Samuel Sachs would shape the firm for more than two decades. Henry, a daring trader, increasingly sought opportunities for Goldman, Sachs & Co. to expand, particularly in underwriting offerings and trading securities. Sam, a more conservative banker, balanced Henry’s desires for expansion with the cautious, considered approach that had established the firm’s success in commercial paper and foreign exchange.

The brothers-in-law would lead the firm together until 1914, when Henry Goldman became sole senior partner until his departure in 1917.

 

This article was originally published as part of a series commemorating the 150th anniversary of Goldman Sachs’ founding in 1869.