Our History in Moments

Since 1869, Goldman Sachs has been committed to serving our clients with excellence. Learn more about our culture of teamwork and client service.

+ Themes All

Deepening a Commitment to Sustainability, GSAM Acquires a Leading Impact Investing Firm

Goldman Sachs Asset Management (GSAM) acquires ESG and impact investing innovator Imprint Capital Advisors in 2015, underscoring its commitment to ESG investing and further broadening the investment opportunities and advice it can offer clients.

Leadership , Clients

GSAM Makes a Commitment to Responsible and Sustainable Living

In 2011, Goldman Sachs Asset Management (GSAM) becomes a signatory to the UN Principles for Responsible Investment (UNPRI), a global collaborative of investors established in 2006 in recognition of the increasing relevance of environmental, social and governance issues to the practice of investment management.

Leadership , Clients

Firm Opens Salt Lake City Office to Support New Online Venture

In 2000, Goldman Sachs opens an office in Salt Lake City, Utah. The office is initially staffed to provide service and technology support for the firm’s newly launched online platform for private wealth clients, GS.com. In the ensuing decades, the office grows and diversifies to become one of the firm’s largest and strategically important locations and one of the largest private employers in Salt Lake City.

Clients

Goldman Sachs Expands its Footprint in Emerging Markets

The firm opens offices in several emerging markets in the 1990s, mirroring the expansion and integration of global financial markets.

Globalization , Culture

With Commodities Corp. Acquisition, Goldman Sachs Asset Management Ups its Alternatives Game

In 1997, Goldman Sachs Asset Management (GSAM) acquires Commodities Corp., a pioneer of alternative investing founded in 1969 by Helmut Weymar with backing from investor Amos Hostetter and Nobel-prize-winning economist Paul Samuelson. The acquisition provides GSAM with an additional $2 billion in assets under management and an established fund-of-hedge-funds platform.

Clients

Goldman Sachs Broadens Client Offerings to Include Asset Management

Formed in 1988, Goldman Sachs Asset Management (GSAM) initially specializes in fixed income separate account management for pension funds and institutions before expanding to offer a wide range of portfolio and mutual fund management services to a growing roster of global clients.

Clients

IPO of the Year Puts Goldman Sachs on the Map With Tech Companies

Goldman Sachs acts as book running manager of the initial public offering for software company Microsoft Corporation. Generating US$61 million for Microsoft, it is dubbed by many analysts “the IPO of the year” in 1986.

Clients

Goldman Sachs Deepens and Expands Initiatives to Foster Greater Diversity and Inclusion

In 2019, Goldman Sachs expands hiring targets aimed at increasing the diversity profile of its people, recognizing the many benefits of a more inclusive workplace.

Culture

Building on a Strong Foundation, Realty Management Division Grows Out of Archon Acquisition

In 2012, Goldman Sachs’ Realty Management Division (RMD) is created as a new, standalone division from former subsidiary Archon Group, offering a fully integrated real estate services platform.

Clients

Historic Earthquake and Tsunami Devastate Japan’s Pacific Coast

In 2011, the largest earthquake in recorded history to hit the country strikes off the coast of Japan, unleashing a tsunami that cripples a nuclear power plant, displaces nearly half a million people, and causes widespread devastation.

Globalization , Service

Goldman Sachs Gives Epitomizes Culture of Giving Back

In 2007, Goldman Sachs launches a donor advised fund, Goldman Sachs Gives, to which partners recommend nonprofit organizations to receive grants.

Service , Culture

Vodafone Acquires Mannesmann in the Largest Acquisition in History

On February 4, 2000, Britain’s Vodafone AirTouch PLC acquires Mannesmann AG in a historic deal that will reshape the mobile telecom marketplace.

Globalization , Clients

Goldman Sachs’ Hong Kong Relationships Pave the Way for Largest Asia Media Merger

In 1993, Goldman Sachs serves as exclusive advisor to Hutchison Whampoa Limited and the Li family in the largest merger to date in the Asian media industry: Hong Kong-based Star TV and Rupert Murdoch’s News Corporation Limited.

Globalization , Clients

Innovative Black-Litterman Global Asset Allocation Model Is Developed at Goldman Sachs

Fischer Black and Robert Litterman revolutionize portfolio management in 1990 with the creation of the Black-Litterman Global Asset Allocation Model – quickly adopted for optimal portfolio allocation across international equity, fixed income and currency markets.

Clients , Innovation

Privatization of Spain's Telefónica is World's Largest ADS Offering

In 1987, Goldman Sachs serves as lead manager on Telefónica of Spain’s IPO on the New York Stock Exchange in the first public offering of equity by a Spanish issuer in the United States and the largest-ever ADS offering.

Clients

Goldman Sachs Defends a Global Bank From Hostile Takeover Bid

In 1986, Goldman Sachs advises Standard Chartered Bank when it is the target of a hostile bid from Lloyds Bank.

Clients

Second European Office Opens in Zurich

The firm opens an office in Zurich in 1974, its second in Europe.

Globalization , Culture

New Bengaluru Campus Becomes Firm’s Third-Largest Office

A model of sustainability, the Bengaluru campus features clean energy sources and outdoor parkland.

Globalization , Culture

Launch With GS Commits $500 Million to Narrow Investing Gaps

The firm deploys more than $100 million through Launch With GS, funding historically underserved entrepreneurs and emerging business leaders.

Clients , Innovation

GS Accelerate Taps Firm’s Entrepreneurial Spirit to Drive Innovation From Within

Hundreds of ideas are submitted within the firm in the first year of the program designed to spark new initiatives worthy of investment and further development.

Clients , Innovation

Goldman Sachs Is Added to the Dow Jones Industrial Average

In September 2013, Goldman Sachs is added to the Dow, one of the most widely quoted and recognized stock market indices worldwide.

Clients

Firm Helps to Rebuild US Communities Following Hurricane Sandy

Hurricane Sandy floods the streets of New York City in October 2012, disrupting markets and damaging surrounding communities. Goldman Sachs responds with US$10 million in support of recovery efforts and the work of more than 1,200 of its people through the firm’s Community TeamWorks initiative.

Globalization , Service

Pine Street Created to Foster Development of Exceptional Leaders

Following Goldman Sachs’ initial public offering in 1999, the firm launches Pine Street, an innovative leadership development initiative that demonstrates the firm’s commitment to its history and to ensuring that its culture of leadership excellence remains a competitive advantage.

Culture

First Onsite Child Care Center Opens at Goldman Sachs’ New York Headquarters

In 1993, Goldman Sachs opens its first onsite child care center at the company’s New York headquarters, providing crucial support for working parents.

Culture

Firm Helps Build Landmark European Aerospace Consortium

Series of mergers creates European Aeronautic Defense and Space Company (EADS), later renamed Airbus Group.

Globalization , Clients

Goldman Sachs Opens Frankfurt Office

Goldman Sachs opens a Frankfurt office in 1990, strengthening its commitment to Germany and Europe.

Globalization , Culture

David Solomon Is Appointed CEO and Chairman

After the retirement of Lloyd Blankfein in 2018, David Solomon is appointed CEO and chairman of Goldman Sachs.

Leadership

Lloyd Blankfein Assumes Leadership of Goldman Sachs

After the departure of Hank Paulson in 2006, Lloyd Blankfein is named Chairman and CEO of Goldman Sachs, beginning a tenure marked by historic challenge and innovation.

Leadership

Goldman Sachs Partners with Apple on a Game-Changing Credit Card

Launched in 2019, Apple Card delivers greater control, transparency and privacy to consumers.

Clients , Innovation

With Marquee, Institutions Access Data, Cutting-Edge Ideas From Goldman Sachs

In 2014, Goldman Sachs makes a wealth of proprietary insights and analytics available to its institutional clients with the launch of Marquee. With the ability to integrate directly with clients’ own technology platforms via APIs, Marquee offers access to the firm’s market insights, analytics tools, execution capabilities, and data and developer services.

Clients , Innovation

The Business Standards Committee Is Formed

In 2010, Goldman Sachs initiates a comprehensive review of business principles and practices via the newly-formed Business Standards Committee.

Culture , Clients

Berkshire Hathaway Invests US$5 Billion in Goldman Sachs Amid Global Financial Crisis

At the height of the global financial crisis, Warren Buffett’s Berkshire Hathaway invests US$5 billion in Goldman Sachs, further strengthening the firm’s capitalization and liquidity in turbulent times.

Clients

With Environmental Policy Framework, the Firm Establishes its Commitment to Sustainable Economic Growth

Goldman Sachs establishes its Environmental Policy Framework in 2005, serving as a leading voice in the financial services industry addressing climate change and other critical environmental challenges.

Clients , Innovation

Goldman Sachs Announces Launch of Global Markets Institute

The Global Markets Institute (GMI) is formed in 2004 to provide thought leadership on the economic impact of capital markets and their intersection with public policy.

Clients

September 11, 2001 Terrorist Attacks Stun the World and Jolt Global Financial Markets

On September 11, 2001, coordinated terrorist attacks against the United States using hijacked planes hit New York’s World Trade Center towers, the Pentagon building and a remote field in Pennsylvania. While global markets are disrupted and temporarily shut down, the attacks trigger worldwide outpouring of support, an international quest for justice and a pledge to rebuild Lower Manhattan.

Globalization , Service

Hank Paulson Is Named Chairman and CEO

As the firm transitions from a partnership to a publicly-held company in 1999, Hank Paulson is named Chairman and CEO.

Leadership

Rubin and Friedman Become Co-Heads

Stephen Friedman and Robert Rubin are named co-senior partners of Goldman Sachs after the retirement of John L. Weinberg in 1990.

Leadership

New Partners Reflect the Firm’s Evolving Partnership

Among the new partners named in 1986 are Jeanette Loeb, the firm’s first woman partner; Garland Wood, the firm’s first black partner, and Fischer Black, a pioneer in quantitative risk management.

Culture

1994: NAFTA Goes into Effect, Nelson Mandela Assumes South African Presidency, “Chunnel” Opens and General Motors tops Fortune 500

As Goldman Sachs reaches the 125-year milestone in 1994, the firm is a truly global enterprise, with 34 offices and a team of 9,000 around the world providing a wide range of services within and across borders.

Globalization , Culture

ESG and Impact Investing Leverage Capital for Sustainability

Sustainability is a key driver of how Goldman Sachs engages with clients and the industry more broadly. By 2019, the firm’s commitment to sustainability is closely integrated across the firm’s activities – whether through raising capital to support sustainable business models, offering powerful environmental, social and governance (ESG) investment solutions, or effectively managing the environmental and social risks of its own operations.

Clients , Innovation

Urban Investment Group Is Formed to Lead the Firm's Impact Investing Efforts

Innovative financing solutions developed by the Urban Investment Group since 2001 help fuel growth in underserved communities.

Clients , Innovation

Goldman Sachs Foundation Invests in Global Education and Entrepreneurship

In 1999, the firm establishes the Goldman Sachs Foundation, a global philanthropic organization aimed at improving the academic performance and lifelong productivity of young people worldwide. Over time, its focus is refined to target local economic growth and opportunity through investing in entrepreneurship globally.

Service , Culture

Reinforcing its Commitment to Europe, Goldman Sachs Opens Paris Office

In 1987, Goldman Sachs begins operations in Paris, its third office in Europe.

Globalization , Culture

Goldman Sachs Establishes Asia Presence with Tokyo Office

Expanding its global footprint, the firm opens an office in Tokyo, Japan in 1974, its first in Asia.

Globalization , Culture

The Sachs Family Helps Shape a Nascent Goldman Sachs, Fortifies the Partnership in the Face of Adversity

Beginning in 1882, generations of the Sachs family provide leadership to the firm for more than a century.

Leadership

Goldman Sachs Leads Historic Equity Offering in India

In 2007, Goldman Sachs serves as lead manager of ICICI Bank Limited’s US$4.9 billion equity offering, the largest in history by an Indian issuer.

Goldman Sachs Takes an Equity Stake in Sanyo Electric and Sanyo Electric Credit

In December 2005, the firm becomes the largest shareholder in Sanyo Electric Credit, the finance unit of the Japanese conglomerate Sanyo. One month later, the firm invests in Sanyo Electric.

Clients

Goldman Sachs Blazes New Trail With Debt Restructuring of Over US$5 Billion for Provincial Investment Trust in China

The 2000 completion of US$5.59 billion in debt restructuring of Guangdong Enterprises is the first for a Chinese state-owned enterprise. Goldman Sachs is the first foreign investment bank to be hired by one of China’s provincial governments.

Clients

Goldman Sachs is One of the “100 Best Companies to Work For” in the United States

Goldman Sachs is named to Fortune’s list of “100 Best Companies to Work For” in 1998, the ranking’s inaugural year in the magazine.

Culture

China Issues US$1 billion in Sovereign Bonds

Despite turbulence in Asian markets, China issues US$1 billion in a 1998 sovereign bond offering.

Clients

Goldman Sachs Acquires Spear, Leeds & Kellogg, a Leader in Securities Clearing and Execution

Building on its own leadership in market making and clearing, Goldman Sachs acquires Spear, Leeds & Kellogg in 2000 to become one of the leading market makers of equities and options in the US marketplace.

Clients

Universal Studios Japan Sold to Comcast NBCUniversal

In 2005, Goldman Sachs invests in Osaka theme park, selling its stake to Comcast NBCUniversal ten years later.

Clients

Goldman Sachs Announces It Will Become a Bank Holding Company

In September 2008, days after the dawn of the global financial crisis, the firm transitions to a bank holding company, regulated primarily by the Federal Reserve, strengthening its capital, liquidity and competitive position.

Clients

Third Leg of Australian Telco Privatization is a Success

In 2006, Goldman Sachs is one of four global joint coordinators in the third leg of the Australian government’s privatization of national telecommunications company Telstra in a challenging market environment.

Clients

Reshaping Research: SEC Settlement Seeks to Eliminate Conflicts; Goldman Sachs is Ahead of the Curve

A US$1.4 billion settlement is reached in 2003 between the Securities and Exchange Commission and ten of the nation’s largest investment firms, including Goldman Sachs, compelling them to address conflicts of interest between the firms’ securities and investment banking businesses. At Goldman Sachs, efforts to ensure research independence are already underway.

Clients

“Big Bang” Deregulation Bolsters London’s Position as Global Finance Center

In October 1986, the London Stock Exchange is deregulated. Known as the “Big Bang,” these sweeping rule modifications strengthen London’s position as a global financial hub.

Globalization

Goldman Sachs Pairs Debt Underwriting for Japanese Telco with First Dollar/Yen Swap

The firm lead-manages a US$150 million Yankee bond issuance on behalf of Japan’s Nippon Telephone and Telegraph in 1984. The issuance is coupled with the first-ever yen/US dollar swap deal, representing an innovative approach to blending two corporate finance disciplines to best serve a client's interests.

Clients , Innovation

Firm Aids Chinese Bank's Globalization Efforts with Investment in South Africa

Goldman Sachs advises Industrial and Commercial Bank of China (ICBC) in its 2007 purchase of a 20 percent stake in South Africa’s Standard Bank, the biggest foreign investment yet by a Chinese bank and the largest foreign investment in South Africa since the fall of apartheid.

Clients

Plumtree Court Combines Design, Functionality and Sustainability in New European Headquarters

In 2019, Goldman Sachs prepares to take occupancy of Plumtree Court. The firm’s new European headquarters brings three London offices together under one roof, with a focus on creating a space that fosters productivity and connectivity and achieving a BREEAM rating of Excellent for its sustainability.

Globalization , Culture

Playing Defense in London: BTR Acquisition of Thomas Tilling

Goldman Sachs makes its mark in London with takeover defense of Thomas Tilling in 1983.

Clients

Goldman Sachs Leads Third Consecutive Offering for Japan's NTT

In 2000, Goldman Sachs assists Japan’s Ministry of Finance in its US$11.3 billion offering of Nippon Telegraph and Telephone shares (NTT-6), making the firm co-lead manager of three consecutive offerings for the Japanese telecommunications giant.

Clients

Highlighting its Commitment to Emerging Markets, Firm Announces Joint Venture with India's Kotak Mahindra

Goldman Sachs announces joint venture with Kotak Mahindra of India in 1995.

Clients

Goldman Sachs Sets (Another) Block Trade Record

In May 1997, Goldman Sachs is selected as sole handler of the Kuwait Investment Office’s block sale of British Petroleum shares valued at US$2 billion, the largest-ever executed by a single firm.

Clients

The Dow Jones Industrial Average Reaches 1,000 Units for the First Time

In November 1972, the Dow Jones Industrial Average climbs to 1,000 units for the first time in its history, a milestone 76 years in the making.

Globalization

With Gao Hua Joint Venture, the Firm Establishes a Foothold in China's Domestic Financial Markets

Goldman Sachs announces a joint venture with Beijing Gao Hua Securities in 2004, strengthening its position in China’s domestic financial markets.

Globalization , Clients

Firm Helps Retailer Ito-Yokado Tap into the US Bond Market

Goldman Sachs helps facilitate Japanese retailer Ito-Yokado’s participation in the Yankee bond market in 1977.

Globalization , Clients

Goldman Sachs, One of the First International Banks to Open a Subsidiary in Japan

Goldman Sachs becomes one of the first international securities companies permitted to open a banking subsidiary in Japan in 1991.

Globalization , Clients

Goldman Sachs Joins The Frankfurt Stock Exchange

In 1991, the firm becomes a member of the Frankfurt Stock Exchange, signifying its commitment to the German marketplace.

Globalization , Clients

Capital Flight Destabilizes the Mexican Economy in Mid-1990s

Capital flight forces a depreciation of the Mexican peso in late 1994, creating a liquidity crisis that threatens global financial markets and unleashes a banking crisis and severe recession in Mexico during 1995.

Globalization

GS Financial WorkbenchSM Breaks New Ground in Firm’s Digital Offerings to Clients

The launch of GS Financial WorkbenchSM in 1995 marks the firm’s first significant effort to share some of its internal technologies, including tools, data, and analytics, with institutional clients.

Clients , Innovation

Sidney Weinberg Leads the Firm for More than Three Decades

In 1930, Sidney Weinberg becomes senior partner, presiding over the firm’s recovery from the 1929 financial crash and more than three decades of growth and innovation.

Leadership

10,000 Small Businesses Fuels Innovation and Productivity Gains in the United Kingdom

Goldman Sachs launches 10,000 Small Businesses UK in 2010, seeking to boost lagging productivity by energizing small business growth and creating jobs in the United Kingdom.

Service , Culture

How Innovative Thinking Helped Toshiba Stay Afloat

Goldman Sachs is the sole agent of a private placement of JPY600 billion (US$5.35 billion) for Toshiba Corporation in 2017, raising capital Toshiba needs to avoid being delisted from the Tokyo Stock Exchange at a time when a public listing would be challenging for the beleaguered tech company.

Clients

John Weinberg and John Whitehead Become Co-Heads

John Weinberg and John Whitehead are named co-heads of Goldman Sachs in 1976, presiding over some of the firm’s most significant initiatives and growth during their joint tenure of nearly eight years.

Leadership

Goldman Sachs Operates Briefly as a Joint Stock Association

In 1922, the Goldman Sachs partnership transitions to a new entity, Goldman, Sachs & Co., a joint stock association. By 1927, the firm would reconstitute itself as a partnership.

Clients

IFFIm Bonds: Financial Innovation Funds Immunization in More than 60 Countries

As lead advisors to the International Finance Facility for Immunisation (IFFIm), Goldman Sachs helps to launch in 2006 a US$1 billion bond to protect children against disease by improving health systems and increasing access to immunization.

Service , Innovation

Updated Business Principles Codify the Firm’s Commitment to Diversity

On October 16, 2001, the firm announces that it has expanded its seventh Business Principle to underscore the importance of building, supporting and leveraging a diverse and inclusive workforce at Goldman Sachs.

Culture

Expanding its Commitment to China, Goldman Sachs Opens Offices in Beijing and Shanghai

In early 1994, Goldman Sachs opens its first office in China. Officially opened in February, the firm’s Beijing office marks the beginning of a permanent presence in mainland China. In November, the firm opens a second office, in Shanghai.

Globalization , Culture

Global Financial Markets Crash on Black Monday

After US markets plunge on October 19, 1987, equity markets around the world decline, underscoring the interdependence of global financial markets.

Globalization

Goldman Sachs Introduces 14 Business Principles That Define the Firm

In 1979, John Whitehead commits to paper a set of 14 Business Principles that define Goldman Sachs and what it stands for.

Culture

John L. Weinberg is Named Sole Senior Partner of Goldman Sachs

In 1984, John L. Weinberg, son of Sidney Weinberg, is named sole senior partner following the retirement of co-senior partner John Whitehead.

Leadership

China Telecom Privatization Shines through the Shadow of the Asian Financial Crisis

In 1997, Goldman Sachs acts as advisor, joint global coordinator and joint lead manager on the $4.04 billion partial privatization of China Telecom (now China Mobile), the largest privatization of a Chinese company to date.

Clients

Triple-Header: Goldman Sachs Manages the Concurrent IPOs of Japan Post Holdings, Japan Post Bank, and Japan Post Insurance

Goldman Sachs acts as a joint global coordinator and joint book runner for the three-pronged initial public offering of Japan Post Holdings, Japan Post Bank, and Japan Post Insurance in the largest IPO of 2015, totaling nearly US$12 billion.

Clients

Firm Facilitates First US Offering of Commercial Paper Issued by a Japanese Company

To bring Japanese commercial paper to a skeptical US market in 1971, Goldman Sachs arranges a US bank letter of credit to back up the offering from Mitsui & Co., Ltd., a centuries-old Japanese trading company.

Clients

Seven Insurers Buy US$225 Million Stake in Goldman Sachs

In 1989, Goldman Sachs forms a ten-year consortium with seven insurance companies that collectively contribute US$225 million for a non-voting stake in the firm.

Clients

Stonewall Riots, Man On The Moon, Woodstock, And The Rise of Block Trading

A century after its founding, Goldman Sachs enjoys a strong presence in block trading, corporate financing, security arbitrage, trading and underwriting of federal agencies securities, and municipal finance.

Globalization , Culture

The Glass-Steagall Act Separates US Commercial and Investment Banking Activities

As part of financial reforms instituted during the Great Depression in the United States, the Glass-Steagall Banking Act of 1933 mandates the separation of commercial and investment banking, and the Securities Acts of 1933 and 1934 improve disclosure practices in the offering of securities to investors.

Globalization , Clients

Henry Goldman Leaves the Firm

As World War I engulfs Europe, a rift develops among the partners of Goldman Sachs as Henry Goldman asserts his allegiance to Germany and his ancestral roots.

Leadership

Former Prime Minister Margaret Thatcher Inaugurates Goldman Sachs’ New European Headquarters

In 1991, Goldman Sachs brings its London-based staff under a single roof in a new office building on Fleet Street in London that incorporates functional, collaborative work spaces and the latest technology. Peterborough Court will serve as the firm’s European headquarters for nearly three decades.

Globalization , Culture

The New York Stock Market Crash of 1929 Preludes the Great Depression

The “roaring twenties” end with the stock market crash of October 1929.

Globalization

GS SUSTAIN Targets Sustainable Corporate Performance

In 2007, Goldman Sachs launches GS SUSTAIN, a global, long-term investment research strategy designed to generate sustainable alpha by integrating analysis of financial strength, strategic positioning, and environmental, social and governance performance.

Clients , Innovation

Goldman Sachs Signs Amicus Brief Supporting Marriage Equality

In 2013, Goldman Sachs joins other business leaders and advocates in signing a friend of the court brief supporting marriage equality.

Leadership , Culture

Sachs Family Legacy Continues as Walter Sachs Becomes Partner

In 1910, Walter Sachs becomes a partner of the firm founded by his grandfather Marcus Goldman, where he works alongside his father and brothers.

Leadership

International Advisory Board Formed to Provide Global Insight

In 1982, Goldman Sachs establishes a board of international advisors with wide ranging experience in government, diplomacy and multinational business.

Globalization , Clients

1944: D-Day, the Bretton Woods Conference, and the Dawn of the IMF and the World Bank

Goldman Sachs turns 75 in 1944 as World War II continues to engulf much of the globe and world leaders convene to plan for post-war governance, economic reconstruction, and financial stability.

Globalization , Culture

Looking to Expand in Asia, Goldman Sachs Establishes Hong Kong Presence

Goldman Sachs opens an office in Hong Kong in 1983, recognizing the role of the port territory as a vital financial bridge for the entire Asian region.

Globalization , Culture

1919: Treaty of Versailles, the First Trans-Atlantic Flight, and Rotary Dial Telephones

Goldman Sachs turns 50 in 1919, the year the Treaty of Versailles is signed ending World War I and the world sees the first nonstop trans-Atlantic flight.

Globalization , Culture

Black-Derman-Toy Model Developed by Team at Goldman Sachs

The Black-Derman-Toy model for pricing fixed income derivatives is developed at Goldman Sachs in 1986 and used extensively in-house prior to its publication several years later.

Clients , Innovation

Goldman Sachs Begins Joint Venture with JBWere, Australia

Goldman Sachs and JBWere announce the merger of their Australian operations in 2003, forming a new venture branded as Goldman Sachs JBWere.

Clients

Firm Helps Warner Brothers Pictures Play a Starring Role in an Emerging Industry

In the mid-1920s, Goldman Sachs identifies the promise of the nascent film industry and provides Warner Brothers Pictures with critical strategic advice and access to financing in the film studio's early years.

Clients

New York City Subway System Opens

In 1904, the New York City subway system opens at City Hall, launching a new era in mass transit in one of the world’s largest cities.

Globalization

First US Social Impact Bond Financed by Goldman Sachs

In 2012, in partnership with the City of New York and Bloomberg Philanthropies, Goldman Sachs finances the first social impact bond in the United States, a US$9.6 million loan aimed at reducing the rate of recidivism among adolescents incarcerated on Rikers Island.

Service , Innovation

Goldman Sachs Helps a French Utility Tap the US Commercial Paper Market

Just over a century after Goldman Sachs began dealing in commercial paper, the firm leads a commercial paper issuance for state-owned electric utility Électricité de France in 1974, the first ever in the United States on behalf of a foreign government entity.

Clients , Innovation

Daimler-Benz Becomes First German Company to List on NYSE

In post-unification Germany, Daimler-Benz looks to the international investment community for funding with its historic 1993 listing on the New York Stock Exchange.

Clients

With 10,000 Small Businesses, Goldman Sachs Helps to Fuel the Engines of Job Creation and Spark Innovation

Goldman Sachs announces a US$500 million initiative in 2009 to help small businesses create jobs and drive economic growth through greater access to education, financial capital and business support services.

Service , Culture

1894: Coca-Cola, the International Olympic Committee, and the “Velocipede”

Goldman Sachs turns 25 during the US economic recession of the mid-1890s.

Globalization , Culture

Goldman Sachs' First Public Utility IPO Helps Keep the Lights On in San Antonio

In 1921, the firm co-lead manages its first utility company offering, approximately US$3.8 million in bonds for San Antonio Public Service Company. At the time, San Antonio is the largest city in Texas.

Clients

Telmex Privatization is First International Equity Offering from a Mexican Corporation

As Mexico pursues a program of economic liberalization and modernization, Goldman Sachs serves as advisor and global coordinator in the 1990 privatization of the country’s telephone service provider, Teléfonos de Mexico.

Clients

Firm Breaks New Ground With Japan Tobacco Global Equity Offering

Goldman Sachs serves as joint global coordinator of the first Japan Tobacco global equity offering in 1996, becoming the first non-Japanese company to underwrite shares for Japan’s Ministry of Finance.

Clients

Sidney Weinberg Serves on War Production Board

Sidney Weinberg takes a leave of absence from the firm to serve on the War Production Board during World War II.

Leadership , Service

Goldman Sachs Advises British Candymaker Facing Historic Takeover Bid

In 1988, Goldman Sachs advises UK confectioner Rowntree when it is the target of the largest takeover battle in British corporate history.

Clients

With SecDB, a Groundbreaking Risk Management Platform is Born

Securities Database, known as SecDB, is developed in 1993 and becomes the backbone of Goldman Sachs’ risk analytics platform for securities.

Clients , Innovation

NTT DoCoMo IPO Cements Goldman Sachs' Leadership Position in Japan

Goldman Sachs jointly lead manages the 1998 initial public offering of NTT Mobile Communication Network, Inc., (NTT DoCoMo), the largest IPO in history at the time. Coming in the midst of Japan's worst recession since World War II, the offering restores confidence in global capital markets at a time when it is critically needed.

Clients

Goldman Sachs Partners With Kleinwort, Sons & Co. of London

Goldman Sachs partners with Kleinwort, Sons & Co. of London in 1897, beginning a joint undertaking in international finance.

Globalization , Clients

Penn Central Bankruptcy Sends Shock Waves Through Commercial Paper Market

When Penn Central, the largest railroad in the country, declares bankruptcy in 1970, liquidity vanishes in the commercial paper market, roiling the market and threatening the very existence of Goldman Sachs, the market leader with nearly 300 other commercial paper-issuing clients.

Clients

Goldman Sachs Sets Block Trading Record With Alcan Aluminum Trade

In 1967, Gus Levy executes a record-breaking block trade of over one million shares of Alcan Aluminum worth more than US$26.5 million.

Clients

Goldman Sachs Completes British Petroleum Privatization Under Challenging Circumstances

Goldman Sachs is retained as US advisor in the privatization of the UK government’s remaining interest in British Petroleum Company PLC, the largest sale ever by HM Treasury. When it coincides with the 1987 "Black Monday” stock market crash, Goldman Sachs absorbs the largest loss the firm has ever taken.

Clients

New Global Headquarters Opens at 85 Broad Street

In 1983, Goldman Sachs opens its newly constructed headquarters building at 85 Broad Street in New York City’s financial district.

Culture

Goldman Sachs Trading Corporation Bears Full Brunt of 1929 Crash

In December 1928, Waddill Catchings leads the firm’s formation of an investment trust, Goldman Sachs Trading Corporation (GSTC). By mid-1932, GSTC stock will plummet to virtually nothing.

Clients

Sidney Weinberg Helps Set the Standard for Corporate Directorship in the 20th Century

In 1949, Sidney Weinberg gives a speech on the responsibilities of corporate directors before the Harvard Business School Club in Cleveland. His model for corporate directorship will be widely cited and emulated for decades.

Leadership , Culture

In Governance Milestone, Goldman Sachs Establishes Management Committee

The Management Committee is created in 1965 as a senior governing body responsible for key strategy, policy and management matters across all of Goldman Sachs’ businesses.

Leadership

Commercial Paper Trading Enters the Digital Age

In 1985, Goldman Sachs introduces the first-ever computerized commercial paper dealer system, replacing the telephone and increasing the speed and accuracy of commercial paper transactions.

Clients , Innovation

Goldman Sachs Joins the Tokyo Stock Exchange

In 1985, Goldman Sachs is selected as one of the first six non-Japanese firms to join the Tokyo Stock Exchange, allowing the firm to compete on equal footing in the Pacific Basin with some of Japan's largest banks.

Globalization , Clients

Ping An Insurance Becomes Goldman Sachs' First Principal Investment in China

Goldman Sachs makes its first principal investment in China in 1994 with the US$35 million investment in Ping An Insurance Company. The deal makes Ping An the first Chinese insurer to have foreign shareholders.

Clients

Goldman Sachs Adds Iconic NYC Property to Its Real Estate Portfolio

Leading an investment group in partnership with David Rockefeller, Goldman Sachs purchases Rockefeller Center in 1995, paving the way for the firm’s growing involvement in real estate investment.

Clients

Goldman Sachs Advises Mittal Steel on Historic Acquisition of Arcelor SA

The firm’s strategic outreach to shareholders helps Mittal Steel secure the EUR26.9 billion acquisition of European steel giant Arcelor in 2006.

Clients

IPO of AIG's Asian Unit is the Largest Ever of an Insurance Company

In 2010, Goldman Sachs serves as joint global coordinator and joint book runner for the US$20.5 billion initial public offering and effective privatization of publicly controlled AIG’s AIA Group unit, one of the largest and oldest life insurers in Asia.

Clients

Celebrating Most Influential Entrepreneurs at Inaugural Builders + Innovators Summit

2012 marks Goldman Sachs’ first annual Builders + Innovators Summit, a gathering of a select group of up-and-coming US entrepreneurs and seasoned business leaders designed to foster dialogue, idea sharing, and economic progress.

Clients , Innovation

Goldman Sachs Joins the New York Stock Exchange

Harry Sachs (Samuel Sachs' brother) becomes partner in 1894 and the firm's first stock exchange member two years later.

Clients

F.W. Woolworth IPO Fuels Rapid Growth of a Retail Empire

After being turned down by other underwriters, Frank Woolworth seeks out Goldman Sachs in 1912 to help finance his company’s rapid expansion, forging a decades-long relationship between the companies.

Clients

Firm Advises, Helps Fund Amazon’s Stunning US$13.7 Billion Acquisition of Whole Foods

In 2017, Goldman Sachs advises Amazon.com on the US$13.7 billion acquisition of Whole Foods as the grocery chain becomes part of the world’s largest online retailer. The firm also provides bridge funding for the acquisition.

Clients

NYSE Debut of PetroChina Ltd. Caps Massive Reorganization of Chinese Oil Industry

In 2000, the firm works to privatize a huge state-owned enterprise into PetroChina, an effort that involves reorganizing the oil industry in China.

Clients

Pursuing Opportunity, Goldman Sachs Establishes Boston and Chicago Offices

Goldman Sachs opens offices in Boston and Chicago in 1900, thus becoming a national company.

Globalization , Culture

Goldman Sachs Takes First Step to Becoming a Global Firm with London Office

In 1970, Goldman Sachs opens its first international office on Goldsmith Street in London.

Globalization , Culture

Goldman Sachs Advises the British Government in the Country's Largest Privatization Yet

In 1986, Goldman Sachs advises the UK government and British Gas on selling shares in the United States of what is, at the time, the largest-ever privatization in the United Kingdom, at £5.6 billion.

Clients

A Second Generation of Goldmans Enters the Family Business

Marcus Goldman’s youngest son, Henry Goldman, joins the family business in 1885.

Leadership

Goldman Sachs and IFC Introduce Landmark Credit Facility for Women Entrepreneurs

The Goldman Sachs Foundation and the International Finance Corporation create the Women Entrepreneurs Opportunity Facility in 2014 to provide much-needed financing to female entrepreneurs around the globe.

Service , Clients

Firm Helps a U.S. Thrift Sell Yen-Based Notes in Europe

In 1987, Goldman Sachs co-manages the first-ever collateralized Euroyen notes totaling JPY15 billion for California-based Great American First Savings Bank.

Clients , Innovation

Goldman Sachs Leads Historic Conrail IPO, the Largest Public Offering to Date

Goldman Sachs leads the Conrail IPO in 1987, the largest ever public offering in the United States and an important chapter in the history of American railroads.

Clients

$13 Billion Privatization of Deutsche Telekom is Largest IPO Ever

In 1996, Goldman Sachs serves as joint global coordinator on the $13 billion privatization of Deutsche Telekom AG, Europe’s largest telecommunications service provider. It is the largest equity offering to date.

Clients

Investing in a Stronger Japanese Banking System

Goldman Sachs invests US$1.27 billion (JPY150 billion) in Sumitomo Mitsui Financial Group (SMFG) in 2003 and assists SMFG with the disposition of some of its non-performing assets.

Clients

The Shanghai Stock Exchange Reopens in 1990

Closed in 1950 after the Communist revolution, the Shanghai Stock Exchange restarts operations in December 1990, cementing the growth and development of capital markets in China.

Globalization

Goldman Sachs Plans First Headquarters for Site of Marcus Goldman’s Original Office

In 1929, Goldman Sachs announces it will build a new 20-story headquarters at 30 Pine Street, the first-ever construction project by the firm.

Culture

Gus Levy Appointed Senior Partner

In 1969, Gus Levy becomes Goldman Sachs’ senior partner, launching an era marked by an expanded international focus and an increasing willingness by the firm to take on trading risk.

Leadership

Sidney J. Weinberg Begins Decades-Long Tenure With Business Advisory and Planning Council

Sidney Weinberg helps launch the Business Advisory and Planning Council in 1933, creating an enduring source of insight for CEOs and government.

Leadership , Service

Goldman Sachs Launches Community TeamWorks, Its Signature Volunteer Program

Community TeamWorks, the firm’s flagship volunteering initiative, is launched in 1997. The program gives employees a day off from work to participate in team-based projects with nonprofit organizations in the community.

Service , Culture

In a Paradigm Shift, Goldman Sachs Decides to Go Public

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

Culture , Clients

Jon Corzine Named Goldman Sachs’ Senior Partner

In 1994, Jon Corzine is named senior partner of Goldman Sachs.

Leadership

The Late 1990s Dot-Com Bubble Implodes in 2000

Investors avidly trade dot-com stocks from internet startups, until the bubble burst in 2000.

Globalization

Landmark Investment in Goldman Sachs by Sumitomo Bank

In 1986, Goldman Sachs accepts a US$500 million investment and limited partnership interest by Sumitomo Bank in order to meet capital requirements.

Globalization , Clients

The Tokyo Stock Exchange Reopens in 1949

Closed shortly after Japan surrendered in 1945, the Tokyo Stock Exchange resumes operations in May 1949, contributing to the stabilization and growth of postwar Japan.

Globalization

Waddill Catchings Joins the Partnership, Later Becoming the First Non-Family Member to Lead the Firm

After joining in 1918, Waddill Catchings quickly rises to become the firm’s first senior partner who is not part of the Goldman or Sachs families.

Leadership

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

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

Firm Announces Formation of Merchant Banking Division

The formation of the Merchant Banking Division in 1998 reflects the firm’s expanding role in principal investing activities.

Clients

Firm Makes Historic 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

Firm Participates in Postwar Bond Offering for French Railroad

In 1924, Goldman Sachs participates in a US$20 million bond offering for Paris-Lyons Mediterranean Railroad Company amid postwar reconstruction in France.

Clients

Landmark IPO Helps an 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 Disney's initial public offering at a share price of US$13.88 on the New York Stock Exchange in 1957.

Clients

A New Partner Joins the Family Business

In 1882, Marcus Goldman takes on Samuel Sachs, the husband of his youngest daughter, as a junior partner.

Leadership

Entrepreneurialism and Grit Inspire Marcus Goldman to Launch his Business

In 1869, Marcus Goldman starts a small business buying and selling promissory notes in Lower Manhattan. His strong relationships and reputation as an honest broker form the foundation for a company that will grow to become one of the most influential financial institutions in the world.

Leadership

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.

Leadership

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

Henry Goldman leads the firm’s first IPO in 1906, utilizing the innovative strategy of earnings, rather than solely assets, to attract long-term investment in United Cigar Manufacturers.

Clients , Innovation

A Future Iconic Leader Begins Work as a Janitor’s Assistant

Sidney J. Weinberg, who would go on to become the firm’s longest-serving senior partner and a defining leader of Wall Street, begins work as a janitor’s assistant at Goldman Sachs in 1907.

Leadership

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.

Globalization , Clients

The Power of Relationships Fuels Historic Ford Motor Company's IPO

Goldman Sachs leads the Ford Motor Company’s US$657 million IPO in 1956, 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, Establishing Investment Banking Services

In one of the firm's most important industry innovations, John Whitehead submits a memo to Sidney Weinberg in 1956 outlining the establishment of Wall Street's first marketing arm for investment banking, later known as Investment Banking Services (IBS).

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 brings 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

In 1981, 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 London'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 UK government securities, cementing the firm's position as a leading participant in the evolving global capital markets.

Globalization , Clients

Firm Helps a State-Owned Company in India Tap Global Markets

Goldman Sachs is the lead manager of Indian Petrochemicals Corporation Limited (IPCL)’s $85 million 1994 offering of global depositary receipts — the first international offering for an Indian government-owned company.

Globalization , Clients

Speculative Attacks Force East Asian Countries to Let their Currencies Float, Resulting in the Asian Financial Crisis of 1997

In the summer of 1997, capital flight forces several East Asian countries to let their currencies float: the ensuing Asian Financial Crisis threatens the international financial system.

Globalization

“Womenomics” Reveals The Power of the Purse in Japan

The Japanese portfolio team within the Global Investment Research Division publishes “Womenomics: Buy the Female Economy” in 1999, 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

In 2001, 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

Landmark Partnership Preserves Pristine Wilderness in Tierra del Fuego

In 2004, the firm entered into a landmark public-private partnership with the Wildlife Conservation Society to establish the Karukinka Natural Park on the island of Tierra del Fuego, Chile.

Service , Culture

Embracing Past and Future, Goldman Sachs Breaks Ground on its Global Headquarters in Manhattan

On November 29, 2005, Goldman Sachs breaks ground for its new, state-of-the-art headquarters at 200 West Street, consolidating all of the firm’s New York City people in one building and once again demonstrating its commitment to Lower Manhattan.

Culture

New Program Harnesses the Power of Education for Women Entrepreneurs Around the World

Goldman Sachs launches 10,000 Women in 2008, a program dedicated to providing women in underserved communities around the world with a business and management education.

Service , Culture

Analyst Impact Fund Taps Junior Talent's Competitive Spirit to Generate Grants for Nonprofits

Goldman Sachs launches the Analyst Impact Fund in 2016, providing a creative, collaborative opportunity for the firm’s junior talent to compete with their peers for grants to benefit the nonprofit organizations of their choice.

Service , Culture

Marcus by Goldman Sachs Leverages Technology and Legacy of Financial Expertise in Dynamic Consumer Finance Platform

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

Clients , Innovation

With Partnership Committee, the Firm’s Governance Evolves to Reflect New Realities

In 1995, Goldman Sachs makes changes to its governance structure, including the formation of a new committee aimed at enhancing the strength and cohesion of one of the firm’s most valuable assets: the partnership.