66 Facts About Goldman Sachs

Goldman Sachs is an American multinational investment bank and financial services company.

Goldman Sachs is the second largest investment bank in the world by revenue and is ranked 57th on the Fortune 500 list of the largest United States corporations by total revenue.

Notable initial public offerings for which Goldman Sachs was the lead bookrunner include those of Twitter, Bumble, Robinhood Markets.

Goldman Sachs was founded in New York City in 1869 by Marcus Goldman.

Goldman Sachs pioneered the use of commercial paper for entrepreneurs and joined the New York Stock Exchange in 1896.

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Goldman Sachs entered the initial public offering market in 1906 when it took Sears, Roebuck and Company public.

The Goldman Sachs family gained full control of the firm until Waddill Catchings joined the company in 1918.

In 1930, the firm ousted Catchings, and Sidney Weinberg assumed the role of senior partner and shifted Goldman Sachs's focus away from trading and toward investment banking.

Under Weinberg's leadership, Goldman Sachs was the lead advisor on the Ford Motor Company's IPO in 1956, a major coup on Wall Street at the time.

In 1994, Goldman Sachs financed Rockefeller Center in a deal that allowed it to take an ownership interest in 1996, and sold Rockefeller Center to Tishman Speyer in 2000.

In December 2005, four years after its report on the emerging "BRIC" economies, Goldman Sachs named its "Next Eleven" list of countries, using macroeconomic stability, political maturity, openness of trade and investment policies and quality of education as criteria: Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, the Philippines, Turkey, South Korea and Vietnam.

Goldman Sachs raised $5 billion via a public offering of shares at $123 per share.

On March 18, 2011, Goldman Sachs received Federal Reserve approval to buy back Berkshire's preferred stock in Goldman.

In December 2009, Goldman Sachs announced that its top 30 executives would be paid year-end bonuses in restricted stock that they cannot sell for five years, with clawback provisions.

Goldman Sachs was one of the heaviest users of these loan facilities, taking out many loans between March 18, 2008, and April 22, 2009.

Goldman Sachs's borrowings totaled $782 billion in hundreds of revolving transactions over these months.

In 2008, Goldman Sachs started a "Returnship" internship program after research and consulting with other firms led them to understand that career breaks happen and that returning to the workforce was difficult, especially for women.

Goldman Sachs managed both of Apple's previous bond offerings in the 1990s.

In June 2013, Goldman Sachs purchased the loan portfolio from Brisbane-based Suncorp Group, one of Australia's largest banks and insurance companies.

In March 2016, Goldman Sachs agreed to acquire financial technology startup Honest Dollar, a digital retirement savings tool founded by American entrepreneur Whurley, focused on helping small-business employees and self-employed workers obtain affordable retirement plans.

On September 10, 2018, Goldman Sachs acquired Boyd Corporation from Genstar Capital for $3 billion.

On May 16, 2019, Goldman Sachs acquired United Capital Financial Advisers, LLC for $750 million.

Goldman Sachs defended the terms of the deal saying they were "thrilled" with the partnership and seeking "to disrupt consumer finance by putting the customer first.

In June 2020, Goldman Sachs introduced a new corporate typeface, Goldman Sans, and made it freely available.

Goldman Sachs was embroiled in a major scandal related to Malaysia's sovereign wealth fund, 1Malaysia Development Berhad.

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In March 2022, Goldman Sachs announced it was winding down its business in Russia in compliance with regulatory and licensing requirements.

Also during that same month, Goldman Sachs announced it had acquired the Chicago-based open-architecture digital retirement advice provider, NextCapital Group.

In June 2022, Goldman Sachs offered its first ever derivatives product linked to Ether.

In September 2022, Goldman Sachs announced the layoff of hundreds of employees across the company, apparently as a result of the earnings report from July the same year that showed significantly reduced earnings.

Goldman Sachs offers services in investment banking, securities underwriting, asset management and investment management, and prime brokerage.

Company offers a donor advised fund called Goldman Sachs Gives that donates to charitable organizations with an employee donation match of up to $20, 000.

In June 2009, after the firm repaid the TARP investment from the U S Treasury, Goldman made some of the largest bonus payments in its history due to its strong financial performance.

Goldman Sachs maintained that its net exposure to AIG was 'not material', and that the firm was protected by hedges and $7.

Goldman Sachs went on to say that he was "mystified" by the interest the government and investors have shown in the bank's trading relationship with AIG.

The article was later corrected to state that Blankfein, CEO of Goldman Sachs, was "one of the Wall Street chief executives at the meeting".

Goldman Sachs was charged for repeatedly issuing research reports with extremely inflated financial projections for Exodus Communications and Goldman Sachs was accused of giving Exodus its highest stock rating even though Goldman knew Exodus did not deserve such a rating.

Goldman Sachs is accused of asking for kickback bribes from institutional clients who made large profits flipping stocks which Goldman had intentionally undervalued in initial public offerings it was underwriting.

Goldman Sachs is being criticized for its involvement in the 2010 European sovereign debt crisis.

Goldman Sachs is reported to have systematically helped the Greek government mask the true facts concerning its national debt between the years 1998 and 2009.

Carlos Moedas, a former Goldman Sachs employee, was the Secretary of State to the Prime Minister of Portugal and Director of ESAME, the agency created to monitor and control the implementation of the structural reforms agreed by the government of Portugal and the troika composed of the European Commission, the European Central Bank and the International Monetary Fund.

In reply, Goldman Sachs said that "we will only be successful if our clients are successful", claiming "this fundamental truth lies at the heart of how we conduct ourselves", and that "we don't think [Smith's comments] reflect the way we run our business".

On November 11, 2008, the Los Angeles Times reported that Goldman Sachs had both earned $25 million from underwriting California bonds, and advised other clients to short those bonds.

In February 2011, the Washington Examiner reported that Goldman Sachs was "the company from which Obama raised the most money in 2008", and that its "CEO Lloyd Blankfein has visited the White House 10 times".

Goldman Sachs was sentenced in October 2012 to two years in prison, an additional year on supervised release and ordered to pay $5 million in fines.

In late 2006, Goldman Sachs management changed the firm's overall stance on the mortgage market from positive to negative.

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All together Goldman Sachs packaged, sold, and shorted a total of 47 synthetic CDOs, with an aggregate face value of $66 billion between July 1, 2004, and May 31, 2007.

The SEC alleged that Goldman Sachs had told buyers of a synthetic CDO, a type of investment, that the underlying assets in the investment had been picked by an independent CDO manager, ACA Management.

Goldman Sachs stated that any investor losses resulted from the overall negative performance of the entire sector, rather than from a particular security in the CDO.

Some experts on securities law such as Duke University law professor James Cox, believed the suit had merit because Goldman Sachs was aware of the relevance of Paulson's involvement and took steps to downplay it.

Goldman Sachs claimed it lost $90 million, critics maintain it was simply unable to shed its position before the underlying securities defaulted.

Goldman Sachs did not admit or deny wrongdoing, but did admit that its marketing materials for the investment "contained incomplete information", and agreed to change some of its business practices regarding mortgage investments.

Goldman Sachs was found not liable on the charge that he had deliberately made an untrue or misleading statement.

When Goldman Sachs management uncovered the trades, Taylor was immediately fired.

Goldman Sachs has dealt with this requirement by moving the aluminum - not to factories, but "from one warehouse to another" - according to the Times.

In December 2014, Goldman Sachs sold its aluminum warehousing business to Ruben Brothers.

Investment banks, including Goldman Sachs, have been accused of driving up the price of gasoline by speculating on the oil futures exchange.

Climate Progress quoted Goldman Sachs as warning "that the price of oil has grown out of control due to excessive speculation" in petroleum futures, and that "net speculative positions are four times as high as in June 2008", when the price of oil peaked.

Just a few years after oil futures began trading on the New York Mercantile Exchange, Goldman Sachs made an argument to the Commodity Futures Trading Commission that Wall Street dealers who put down big bets on oil should be considered legitimate hedgers and granted an exemption from regulatory limits on their trades.

Opponents expressed concern that Goldman Sachs would have some say in DONG's management, and that Goldman Sachs planned to manage its investment through "subsidiaries in Luxembourg, the Cayman Islands, and Delaware, which made Danes suspicious that the bank would shift earnings to tax havens".

Goldman Sachs made more than $1 billion in derivatives trades with the LIA funds, which lost almost all their value but earned Goldman Sachs $350 million in profit.

In January 2016, Goldman Sachs agreed to pay $15 million after it was found that a team of Goldman employees, between 2008 and 2013, "granted locates" by arranging to borrow securities to settle short sales without adequate review.

Additionally, Goldman Sachs gave "incomplete and unclear" responses to information requests from SEC compliance examiners in 2013 about the firm's securities lending practices.

In October 2020, the Malaysian subsidiary of Goldman Sachs admitted to mistakes in auditing its subsidiary and agreed pay more than $2 billion in fines.

In 2021, Goldman Sachs faced scrutiny after a group of first year bankers told managers that they are working 100 hours a week with 5 hours sleep at night.

In May 2022, Goldman Sachs announced that they would be implementing a more flexible vacation policy to help their employees 'rest and recharge' where they give senior bankers unlimited vacation days, and all employees are expected to have a minimum of 15 days vacation every year.

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Goldman Sachs employees have donated to both major American political parties, as well as candidates and super PACs belonging to both parties.