150 Years Of History Or Goldman Sachs: The Bank That Leads The World
If you are even slightly interested in investments or the IPO market, you have probably heard about the existence of such a giant as Goldman Sachs. It is one of the largest financial conglomerates in the world. The main activities of the Goldman Sachs group are:
- securities trading;
- investment banking;
- investment management, which is focused on institutional (large) investors.
1. A bit of historyThe history of one of the largest banks in the world originates since 1869. Its founder was Marcus Goldman, who started his own business and traded the IOUs (debts deals) of customers at jewelry stores in New York. Thirteen years after the foundation, Goldman got a partner, his son-in-law, Samuel Sachs. After that, the company began to be called M. Goldman & Sachs. At that time, the firm’s annual turnover had already reached $30 million. At that time, the bank was not only selling IOUs but had already begun to manage the finance of its clients. In 1904, the actual management of the company passed into the hands of Sachs. At this time, the bank received most of its own dividends from trading on the stock exchange. Over time, the IPO market begins to play a key role in the Goldman Sachs business. One of the main events in the history of the bank was the initial public offering of its own shares, which took place in 1999. It should be noted that only 12% of the Goldman Sachs shares went directly into the open sale. Everything else was distributed in the following proportions:
- 48% owned by partners;
- 22% owned by employees;
- 18% are in the portfolios of long-term large investors.
2. Attitude towards employeesSome facts about Goldman Sachs staff:
- the company employs the best graduates of advanced business schools;
- there is a special program, which is available for employees. It is focused on attention concentration through meditation and yoga;
- GS employees are always in the process of self-development, only the best of the best can qualify for high positions;
- pay cut in a company does not begin with ordinary employees, but with partners.