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Clients

Goldman Sachs was built through strong, enduring relationships and transformative business transactions. Learn about the clients, significant acquisitions and strategic pivot points from our early beginnings to today.

+ Themes Clients

Paradigm Shift as Goldman Sachs Decides to Go Public

After decades of impassioned debate, the partners of Goldman Sachs voted in 1998 to take the firm public the following year. The firm was among the last large financial institutions to do so.

Clients , Culture

Landmark Investment in Goldman Sachs by Sumitomo Bank

Goldman Sachs accepts a US$500 million investment and limited partnership interest by Sumitomo Bank in order to meet capital requirements.

Clients , Globalization

Goldman Sachs Broadens Wealth Management Offerings with Ayco Acquisition

In 2003, Goldman Sachs acquires the Ayco Company, L.P. (Ayco), a leading provider of fee-based financial counseling. Ayco will operate as part of the firm’s Private Wealth Management business.

Clients

Investment in Industrial and Commercial Bank of China (ICBC)

In 2006, Goldman Sachs purchases a 7 percent stake in ICBC worth more than $2.5 billion—its largest-ever principal investment—reinforcing a deep strategic collaboration between the two banks.

Clients

Post-War Reconstruction Bond Offering for French Railroad

In 1924, Goldman Sachs participates in US$20 million bonds for Paris-Lyons Mediterranean Railroad Company post-War reconstruction in France.

Clients

Firm Announces Formation of Merchant Banking Division

The formation of the Merchant Banking Division reflects the firm’s expanding role in principal investing activities.

Clients

With Hathaway & Co. Acquisition, Goldman Sachs Doubles Down on Commercial Paper

In the depths of the Great Depression, Goldman Sachs announces its first-ever acquisition. Taking advantage of a depressed commercial paper market, the firm purchases Chicago-based Hathaway & Co. in 1932 to become one of the largest commercial paper dealers in the US.

Clients

Helping an Early American Retailing Icon Achieve the Next Level of Growth

In 1906, Sears, Roebuck and Co. was a burgeoning catalog business in need of capital to finance its robust growth. Goldman Sachs led an initial public offering for Sears that year, the success of which signaled the rise of the consumer/retail sector in the U.S. economy.

Clients

Disney Magic Comes to NYSE in IPO

Goldman Sachs leads the Disney IPO at a share price of US$13.88 on the New York Stock Exchange in 1957.

Clients

Firm's First IPO Uses New Earnings-Based Approach to Valuation

Henry Goldman leads the firm’s first IPO, utilizing the innovative strategy of earnings, rather than solely assets, to attract long-term investment in United Cigar Manufacturers.

Clients , Innovation

Fried. Krupp, Ltd., One of First Post-War Offerings from Germany

Goldman Sachs acts as lead manager for the US$10 million Fried. Krupp, Ltd. note offering, one of the first from postwar Germany.

Clients , Globalization

Power of Relationships: The Road to Ford Motor Company's IPO

Goldman Sachs leads the Ford Motor Company’s US$657 million IPO, the largest common stock offering to date in the United States. Sidney Weinberg, a long-time friend and informal advisor to the Ford family, becomes one of Ford Motor's first outside directors.

Clients

John Whitehead Memo Revolutionizes Investment Banking, Establishes Investment Banking Services

In one of the firm's most important industry innovations, John C. Whitehead submits a memo to Sidney J. Weinberg outlining the establishment of Wall Street's first marketing arm for investment banking, later known as Investment Banking Services.

Clients , Innovation

Revolutionary Black-Scholes Option Pricing Model is Published by Fischer Black, Later a Partner at Goldman Sachs

Published in 1973, the Black-Scholes Option Pricing model brought a new quantitative approach to pricing options, helping fuel the growth of derivative investing.

Clients , Innovation

Goldman Sachs Adds Strength in Commodities and Foreign Exchange With J. Aron Acquisition

Goldman Sachs acquires a client, J. Aron & Company, in a strategic move to extend the firm’s international presence in the commodity and foreign exchange markets.

Clients

Amid U.K.'s "Big Bang" Deregulation, Goldman Sachs Joins Newly Formed International Stock Exchange

In 1986, Goldman Sachs joins the International Stock Exchange in London and becomes a primary dealer in U.K. government securities, cementing the firm's position as a leading participant in the evolving global capital markets.

Clients , Globalization

Helping a State-Owned Company in India Tap Global Markets

Goldman Sachs is the lead manager of Indian Petrochemicals Corporation Limited (IPCL)’s US$85 million offering of global depositary receipts—the first international offering for an Indian government-owned company.

Clients , Globalization

“Womenomics”: The Power of the Purse in Japan

The Japanese portfolio team within the Global Investment Research Division publishes “Womenomics: Buy the Female Economy,” launching a multiyear series of reports that cement “Womenomics” as part of the Japanese vernacular and a pillar of the country’s efforts to revive economic growth.

Clients , Innovation

With GS Research Report, "BRICs" Are Born

Goldman Sachs’ Global Investment Research Division publishes the report, "Build Better Global Economic BRICs," coining the acronym for the four countries that would reshape the world economy– Brazil, Russia, India and China.

Clients , Innovation

Marcus by Goldman Sachs Applies Technology to a Long Legacy of Bringing Financial Expertise to Clients

In 2016, Goldman Sachs launches Marcus by Goldman Sachs, an online platform offering personal unsecured loans and savings accounts to retail clients.

Clients , Innovation