• Founded in 1869, the New York-based Goldman Sachs is one of the largest investment banks in the world, with core businesses of investment banking, trading, and asset management and securities services.

  Goldman Sachs has reported excellent earnings of $3.44bn for the second quarter of 2009, comfortably exceeding anayst forecasts. This comes a month after the company repaid $10bn it had received in federal assistance.http://www.nytimes.com/2009/07/15/business/15goldman.html

• Fast Facts

  1. Stock symbol: GS
  2. Annual revenue (2007): $87.9 Billion
  3. Founder(s): Marcus Goldman
  4. Year Established: 1869
  5. Industry: Investment Banking
  6. Phone: 212-902-1000
  7. Fax: 212-902-3000
  8. HQ: New York, New York
  9. CEO: Lloyd C, Blankfein
  10. CFO: Gary D. Cohn
  11. Staff: 30,522
  12. Other key people: Jon Winkelried
  13. Name changed early in history to include Goldman's son-in-law, Samuel Sachs
  14. Average salary per employee: $600,000
  15. Integral to the launch of many IPO's
  16. Hermetic firm culture earned the nickname, "Wall Street's Secret Society"
  17. Employee yearly bonuses can be as much as $100 million
  18. Alumni include New Jersey governor Jon Corzine, White House Chief of Staff Josh Bolten, and actor Sacha Baron Cohen

• Key Dates

  Recent Events

  1. September 2008: Warren Buffett buys 5 billion dollars of Goldman Sachs stock.
  2. November 2008: Goldman Sachs posted a 4Q loss of $2.12B.
  3. December 2008: Goldman Sachs approved for TARP funds.
  4. June 2009: Goldman Sachs approved to repay TARP.http://www.huffingtonpost.com/2009/07/22/goldman-sachs-redeems-tar_n_243133.html

  Past Events

  
  

  1. 1869: Goldman Sachs was founded.
  2. 1999: Goldman Sachs went public.

• Sub-prime Crisis

  Goldman Sachs also manages sub-prime and other innovative mortgage products, which have gained increasing importance to the company in the 21st Century, such that circa early 2008, its exposure to the mortgage crisis has led to speculations of dire financial risk. On March 17, 2008, amid the collapse of Bear Stearns and its Federally-subsidized purchase by JP Morgan Chase, Goldman Sachs reported a quarterly profit of $1.5B -- above analysts' expectations, but half that of the same quarter in 2007. The firm reported that the drop was due to $2B of losses in residential mortgages, credit products, and investments. On September 17, 2008, in the wake of the Lehman Brothers bankruptcy and the bailout of AIG, Goldman Sachs stock fell 35 points before stabilizing toward the end of the day.Bloomberg.com: Morgan Stanley, Goldman Plummet After AIG Takeover (September 17, 2008)

• Related Pages on Mahalo

  American International Group (AIG) | AIG Bankruptcy | Morgan Stanley | Citigroup | JP Morgan Chase | Bank of America | Merrill Lynch | American International Group (AIG) | AIG Bankruptcy | ING Group | William Dudley | Neil Barofsky

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