Goldman Sachs

Corporate brand

A global investment bank and financial-services group serving corporations, governments, institutions, and private clients.

Last updated October 27, 2026

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Overview

Goldman Sachs is an American multinational investment bank and financial-services company founded in New York in 1869 by Marcus Goldman. It grew from a small commercial-paper business into one of the world’s most prominent financial institutions, with activities spanning investment banking, securities, market making, asset management, wealth management, consumer finance, and banking. The company is headquartered at 200 West Street in Lower Manhattan and operates through offices in major financial centers around the world. The firm’s investment-banking business advises companies, governments, and other institutions on mergers and acquisitions, restructurings, divestitures, equity offerings, debt issuance, and other strategic transactions. Its Global Banking & Markets activities include underwriting, sales and trading, prime brokerage, securities financing, clearing, custody, and the structuring of financial products. Goldman Sachs also manages public and private-market investments for institutions, financial advisers, and individuals through Goldman Sachs Asset Management. Its wealth-management operations provide investment management, financial planning, lending, and related services to high-net-worth and ultra-high-net-worth clients. Goldman Sachs became particularly influential through its underwriting and advisory work. Early transactions included public offerings for Sears, Roebuck and Company, General Cigar, F. W. Woolworth, and other industrial and retail businesses. During the twentieth century, the firm expanded its research, municipal-finance, fixed-income, commodities, risk-arbitrage, and international capabilities. The 1981 acquisition of J. Aron & Company strengthened its commodities and trading franchise, while the creation of Goldman Sachs Asset Management in 1986 broadened the company beyond traditional investment banking. For most of its history Goldman Sachs was a private partnership. It converted into a public company in 1999, listing on the New York Stock Exchange under the ticker GS. The firm became a bank holding company in September 2008 during the global financial crisis, enabling it to operate with a regulated banking subsidiary and access to the Federal Reserve system. Goldman Sachs Bank USA later developed direct-banking and consumer-finance offerings, including Marcus by Goldman Sachs and lending-related businesses. The company has also expanded through acquisitions and partnerships. Examples include Spear, Leeds & Kellogg, Ayco, United Capital Financial Partners, GreenSky, NN Investment Partners, and NextCapital. In consumer finance, it partnered with Apple to launch Apple Card in the United States in 2019, although the reference material states that the program is expected to transition to JPMorgan Chase in 2028. Goldman Sachs remains a systemically important financial institution and a major participant in global capital markets. Its scale and influence are balanced by substantial exposure to market cycles, credit conditions, regulation, litigation, and public scrutiny.

History

Goldman Sachs began in 1869 when Marcus Goldman established a small New York commercial-paper business. Samuel Sachs, Goldman’s son-in-law, joined in 1882, followed by Henry Goldman and Ludwig Dreyfuss in 1885; the firm then adopted the Goldman Sachs name. Its early specialization was arranging short-term financing for businesses, and it joined the New York Stock Exchange in 1896. The firm opened domestic offices during the early twentieth century and entered public-company underwriting in 1906 with the Sears, Roebuck and Company offering. It subsequently handled offerings for companies including General Cigar, F. W. Woolworth, and Continental Can, while promoting price-to-earnings analysis as a way of valuing businesses with comparatively few tangible assets. The firm experienced a severe reputational and financial setback after the collapse of Goldman Sachs Trading Corporation during the 1929 stock-market crash. During the Great Depression, Waddill Catchings was removed and Sidney Weinberg became senior partner. Weinberg redirected the business toward investment banking, research, municipal bonds, and corporate finance. His era included advisory and underwriting work for Ford and Sears. Gus Levy later rebuilt the firm’s securities-trading activities and promoted block trading and a long-term reinvestment philosophy. The 1970 Penn Central bankruptcy, involving commercial paper distributed through Goldman Sachs, generated litigation and regulatory pressure and contributed to broader changes in commercial-paper credit assessment. Goldman Sachs established its first international office in London in 1970 and added fixed-income and private-wealth capabilities in the following years. In 1974 it used an early form of the “white knight” defense while advising Electric Storage Battery against a hostile bid. John L. Weinberg and John C. Whitehead became co-senior partners in 1976 and formalized a set of business principles that emphasized client service, integrity, teamwork, and long-term stewardship. The 1981 purchase of J. Aron & Company transformed the firm’s commodities and trading operations and helped create the Fixed Income, Currencies and Commodities franchise. Goldman Sachs expanded internationally, moved to 85 Broad Street, advised on privatizations, underwrote the Rockefeller Center REIT offering, and participated in the Microsoft IPO. In 1986 it formed Goldman Sachs Asset Management. The firm introduced electronic distribution of research and paperless NYSE trading, while Robert Rubin and Stephen Friedman emphasized globalization and the growth of mergers and acquisitions. After launching the Goldman Sachs Commodity Index and opening an office in Beijing in 1994, the partnership began its transition to public ownership. Goldman Sachs completed its initial public offering in May 1999, ending more than a century as a private partnership. It then acquired trading and asset-management businesses, including Spear, Leeds & Kellogg and other specialist firms. The global financial crisis marked another decisive turning point. In 2008 Goldman Sachs became a bank holding company, received capital support through TARP, and obtained a strategic investment from Berkshire Hathaway. It repaid the Treasury investment in 2009. The firm opened its current headquarters at 200 West Street in 2009. During the following decade it expanded direct banking, consumer lending, financial planning, asset management, and digital-finance activities. Marcus by Goldman Sachs launched personal loans in 2016, while the Apple Card partnership began in 2019. Acquisitions such as United Capital, GreenSky, NN Investment Partners, and NextCapital broadened wealth management, consumer finance, European asset management, and retirement technology. David Solomon became chairman and chief executive officer in 2018. The reference material identifies a planned transition of the Apple Card program to JPMorgan Chase in 2028.

2019
Apple Card partnership
[1]Goldman Sachsen.wikipedia.org
Goldman Sachs partnered with Apple on the Apple Card credit-card product.
2016
Marcus personal loans launched
[1]Goldman Sachsen.wikipedia.org
Goldman Sachs Bank USA began offering unsecured personal loans under Marcus.
2008
Bank holding company conversion
[1]Goldman Sachsen.wikipedia.org
The Federal Reserve approved Goldman Sachs’s conversion during the financial crisis.
1999
Initial public offering
[1]Goldman Sachsen.wikipedia.org
Goldman Sachs became a publicly traded company.
1986
Asset-management business formed
[1]Goldman Sachsen.wikipedia.org
Goldman Sachs Asset Management was established.
1981
J. Aron acquisition
[1]Goldman Sachsen.wikipedia.org
The acquisition strengthened commodities, currencies, and fixed-income trading.
1970
First international office
[1]Goldman Sachsen.wikipedia.org
The firm opened its first international office in London.
1906
Entry into IPO underwriting
[1]Goldman Sachsen.wikipedia.org
Goldman Sachs helped take Sears, Roebuck and Company public.
1896
NYSE membership
[1]Goldman Sachsen.wikipedia.org
The firm joined the New York Stock Exchange.
1885
Goldman Sachs name adopted
[1]Goldman Sachsen.wikipedia.org
Henry Goldman and Ludwig Dreyfuss joined, and the firm adopted its enduring name.
1869
Firm founded in New York
[1]Goldman Sachsen.wikipedia.org
Marcus Goldman established the business as a commercial-paper operation.

Products and positioning

A relationship-driven, globally integrated investment bank combining corporate advisory, capital-markets execution, trading, asset management, and wealth-management capabilities.

Advisory and underwriting
Investment banking
Goldman Sachs advises corporations, governments, and institutions on mergers and acquisitions, restructurings, strategic transactions, and capital raising. It underwrites initial public offerings, follow-on equity offerings, investment-grade and high-yield debt, and other securities.
Securities and markets
Global Banking & Markets
This business provides sales and trading, market making, financing, prime brokerage, clearing, custody, and structured products across equities, fixed income, currencies, commodities, and other markets.
Asset management · 1986
Goldman Sachs Asset Management
Formed in 1986, the asset-management business serves institutions, advisers, and individuals through public and private-market investment strategies, including alternatives and retirement-related solutions.
Wealth management
Wealth management
Goldman Sachs provides investment management, financial planning, lending, banking, and advisory services for private clients and families, including high-net-worth and ultra-high-net-worth customers.
Digital banking and consumer finance · 2016
Marcus by Goldman Sachs
Marcus was the consumer-facing brand used for Goldman Sachs online banking and unsecured personal loans. It formed part of the firm’s effort to apply its banking infrastructure to individual customers.
Credit card partnership · 2019
Apple Card
Apple Card was launched in the United States through a partnership between Apple and Goldman Sachs. The reference material states that the program is expected to move to JPMorgan Chase in 2028.

Controversies

2026
EY breach notifications reveal Goldman Sachs and Man Group clients among data breach victims
Notifications sent out in recent weeks reveal that clients of Goldman Sachs' wealth management division and UK-listed hedge fund Man Group are among the victims of a data breach at accounting firm EY. The breach stemmed from a hacking incident in March and April that EY first disclosed in July, originating from a vulnerability in Checkmarx software that affected EY, several clients and many other organisations.
Source
2020
1MDB bribery case
Goldman Sachs reached settlements with authorities concerning its role in bond offerings for Malaysia’s 1MDB development fund and related bribery allegations. The case resulted in substantial penalties and scrutiny of the firm’s controls and conduct.
Source
2020
Goldman Sachs settles dispute with Malaysia over 1MDB bond business
Goldman Sachs and the Malaysian government reached a settlement over the legal dispute arising from Goldman Sachs' bond work for 1MDB. The agreement provides for approximately $3.9 billion in compensation, including cash and assets to be recovered. Malaysia's finance minister said the agreement represented Goldman Sachs' acknowledgment of misconduct by former employees.
Source
2019
Goldman Sachs faces backlash over Helixmith outlook change
Goldman Sachs faced backlash from Helixmith and individual investors after changing its outlook on the Korean biopharmaceutical firm and sharply lowering its target price. Some investors suspected the change was aimed at facilitating short selling; the article presents this as suspicion, not an established finding.
Source
2019
Goldman Sachs responds to Apple Card discrimination allegations
Goldman Sachs responded to allegations that men received higher Apple Card credit limits than their wives. According to the report, Goldman Sachs said applicants are evaluated independently using factors including income, creditworthiness, credit scores, and debt. The allegations are reported; the article does not establish that discrimination occurred.
Source
2019
New York regulator announces investigation into Goldman Sachs’ credit card business
A spokesperson for the New York Department of Financial Services said the regulator would investigate Goldman Sachs’ credit card business to determine whether its credit-limit decisions violated state law. The announcement followed an allegation by David Heinemeier Hansson that the Apple Card algorithm gave him a much higher credit limit than his wife despite her higher credit score.
Source
2019
Goldman Sachs sued over 401(k) plan management
Goldman Sachs faced a lawsuit alleging that it breached its fiduciary duty by placing underperforming proprietary mutual funds in its 401(k) plan. The allegations are claims in the lawsuit, not findings described in the article.
Source
2012
Public criticism over client-interest culture
A former executive’s public opinion article criticized Goldman Sachs’s internal culture and alleged that employees were encouraged to prioritize firm revenue over client interests. The article generated extensive public and media debate, although the allegations were contested.
Source
2010
Abacus 2007-AC1 regulatory case
U.S. regulators alleged that Goldman Sachs had inadequately disclosed the role of a hedge fund involved in selecting assets for the Abacus 2007-AC1 synthetic collateralized debt obligation. Goldman Sachs reached a settlement with the Securities and Exchange Commission; the episode became one of the most prominent post-crisis controversies involving the firm.
Source

2019
Launch Apple Card partnershipProduct launch
Background
Apple sought a banking partner for a consumer credit card integrated with its devices and services.
Action taken
Goldman Sachs became the issuing bank for Apple Card in the United States.
Aftermath
The partnership gave Goldman Sachs a prominent consumer-finance product, while the reference material states that the program is planned to transition to JPMorgan Chase in 2028.
Source
2008
Become a bank holding companyStrategy
Background
The global financial crisis created extraordinary liquidity and confidence pressures for independent investment banks.
Action taken
Goldman Sachs obtained approval to operate as a traditional bank holding company.
Aftermath
The firm gained a regulated banking structure and access to Federal Reserve facilities while expanding its deposit-taking and consumer-banking capabilities.
Source
1999
Convert from partnership to public companyStrategy
Background
The partnership structure had supported reinvestment and employee ownership, but the firm needed broader capital and a public equity currency for expansion.
Action taken
Goldman Sachs completed an initial public offering in May 1999.
Aftermath
The company became publicly traded while retaining substantial employee and former-partner ownership at the time of listing.
IPO share price. $53 per share (May 1999)
Source
1981
Acquire J. Aron & CompanyM&A
Background
Goldman Sachs sought to deepen its commodities and securities-trading capabilities.
Action taken
It acquired J. Aron and combined the business with fixed-income operations.
Aftermath
The transaction helped form the firm’s Fixed Income, Currencies and Commodities franchise and brought Lloyd Blankfein into Goldman Sachs.
Source

Recent events

2026.10.13
Reported2026.10.11
Goldman Sachs scheduled to report Q3 2026 earnings on October 13[15]高盛定于10月13日发布2026年第三季度财报cnbc.com
Goldman Sachs is scheduled to release its third-quarter 2026 results before the US market open on Tuesday, October 13, 2026, followed by a call at 9:30 a.m. ET. Per LSEG data cited in the article, its top and bottom lines are forecast to have grown 10% and around 6%, respectively.
Weekdays and relative dates follow the original report; their exact calendar dates have not been verified.
2026.10.13
Reported2026.10.13
Goldman Sachs reports third-quarter 2026 earnings with large revenue and EPS beat[16]高盛发布2026年第三季度财报，营收与每股收益大幅超预期cnbc.com
Goldman Sachs reported third-quarter 2026 results well above expectations, with net revenue of $18.68 billion versus $16.71 billion expected and EPS of $17.01 versus $13.02 expected, powered primarily by equities trading revenue that rose 72% from a year earlier to $6.44 billion; investment banking fees rose 21% to $3.22 billion and asset and wealth management revenue climbed 14% to $5.05 billion.
Unconfirmed
Reported2026.10.08
EY breach notifications reveal Goldman Sachs and Man Group clients among data breach victims[3]EY breach notifications reveal Goldman Sachs and Man Group clients among data breach victimsafr.com
Notifications sent out in recent weeks reveal that clients of Goldman Sachs' wealth management division and UK-listed hedge fund Man Group are among the victims of a data breach at accounting firm EY. The breach stemmed from a hacking incident in March and April that EY first disclosed in July, originating from a vulnerability in Checkmarx software that affected EY, several clients and many other organisations.
2026.10.08
Reported2026.10.08
Goldman Sachs upgrades Palantir to Buy with $230 price target[17]高盛将Palantir评级上调至买入，目标价230美元cnbc.com
Goldman Sachs upgraded its rating on Palantir Technologies' stock to buy from neutral and set a 12-month price target of $230, implying about 18% upside from Thursday's close. Analyst Gabriela Borges cited the shift to sovereign AI and bespoke applications, Palantir's forward deployed engineering model, and early-stage enterprise AI adoption as sources of further upside for the company.
Weekdays and relative dates follow the original report; their exact calendar dates have not been verified.
2026.09.28
Reported2026.09.29
Goldman Sachs board reportedly discussed replacing CEO David Solomon with John Waldron[18]高盛董事会据报讨论由John Waldron接替CEO David Solomoncnbc.com
The Goldman Sachs board has reportedly discussed replacing CEO David Solomon, 64, with president John Waldron, 57, as early as next year, in a plan that would elevate Solomon to executive chairman and could be voted on by the board in coming months, according to a Wall Street Journal report; a Goldman spokesman said there is "no definitive timeline for succession" at the bank.
Unconfirmed
Goldman Sachs to acquire ETF issuer Neos Investments for up to $2.25 billion[19]高盛拟以最高22.5亿美元收购ETF发行商Neos Investmentsfinance.jrj.com.cn
Goldman Sachs announced an agreement to acquire ETF issuer Neos Investments in a cash-and-stock deal with a maximum theoretical value of $2.25 billion, expected to close in the first quarter of 2027. Neos manages about $30 billion across 19 option-income ETFs, which would be folded into Goldman Sachs Asset Management's existing options and target-income ETF lineup.
2026.08.18
Reported2026.08.19
Goldman Sachs to acquire LCN Capital Partners for up to $410 million[20]高盛将以最高4.1亿美元收购LCN Capital Partnersrealty.economictimes.indiatimes.com
Goldman Sachs announced it will acquire commercial real estate investor LCN Capital Partners for as much as $410 million, paying about $260 million upfront with up to $150 million tied to future performance targets and service commitments, with about 80% of the consideration in stock. The deal is scheduled to close by the end of 2026, and LCN's team, including co-founders Edward LaPuma and Bryan York Colwell, will join Goldman Sachs Asset Management's real estate platform.
2026.08.10
Nvidia partners with six Wall Street firms on $500 billion AI financing platforms[21]英伟达与六家华尔街机构合作推出5000亿美元AI融资平台bignewsnetwork.com
Nvidia signed memorandums of understanding with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to establish compute financing platforms aimed at raising more than $500 billion in third-party capital for AI infrastructure. Nvidia has the option to backstop up to $125 billion, or 25 percent, of the potential deals.
2026.08.10
Reported2026.08.11
Nvidia announces partnerships with six financial institutions for AI infrastructure financing[22]英伟达宣布与六家金融机构合作设立AI基础设施融资平台aa.com.tr
Nvidia announced strategic partnerships with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to establish independent financing platforms for AI computing infrastructure, aiming to mobilize more than $500 billion in third-party capital over time. The six institutions signed memorandums of understanding, with the partnerships subject to final agreements.
2026.08.10
Reported2026.08.15
Nvidia announces $500 billion AI chip financing partnership with Wall Street lenders[23]英伟达宣布与华尔街贷款机构合作5000亿美元AI芯片融资计划telecom.economictimes.indiatimes.com
Nvidia announced a partnership with Goldman Sachs, Blackstone, Apollo Global Management, KKR, BlackRock and Brookfield to collectively finance AI computing deals totaling $500 billion, with Nvidia backstopping up to 25% of each opportunity. No deals were signed at the time of the announcement.

Sources96 sources

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