The company was founded by Marcus Goldman, a Bavarian school teacher who immigrated to the United States in 1848. After supporting himself for some years as a salesman in New Jersey, Goldman moved to Philadelphia, where he operated a small clothing store.
Goldman Sachs Group Inc. (US:gs) has agreed to change its board structure in a deal with the American Federation of State, County and Municipal Employees to keep Chief Executive Lloyd C. Blankfein as chairman, the Wall Street Journal reported on Wednesday.
At Goldman Sachs, CEO Lloyd Blankfein is keeping his post as chairman, but the firm is appointing a “lead director” to its board, in response to pressure from a union pension fund that is a major Goldman shareholder.
Gupta, now 62, is accused of leaking secrets of Goldman Sachs and Procter & Gamble, where he was a director, to the Sri Lankan-born Rajaratnam, who founded the Galleon Group. On Wednesday, Gupta pleaded not guilty to all charges and was freed on $10 million bail.
With Goldman Sachs on the job, the corporate takeover of Dragon Systems in an all-stock deal went terribly wrong. Goldman collected millions of dollars in fees — and the Bakers lost everything when Lernout & Hauspie was revealed to be a spectacular fraud. L.& H. had been founded by Jo Lernout and Pol Hauspie, who had once been hailed as stars of the 1990s tech boom.
U.S. investment banks Goldman Sachs and Morgan Stanley are not among the mainly commercial banks which provide Libor levels, but compete with many of them for investment banking business.
Greg Smith, a trader for 12 years at GS in London, and a senior manager with responsibility for mentoring applicants through the GS interview process recently resigned from GS. In his resignation letter, which he published in the New York Times, Smith talked about the money-led culture at GS, where clients were often referred to as ‘muppets’, and where his colleagues frequently boasted about ‘ripping-off’ clients and ‘ripping out eyeballs’.
Goldman Sachs reports activities in four segments: Investment Banking, Institutional Client Services, Investing & Lending and Investment Management.
Goldman Sachs has arguably been the most successful firm on Wall Street for decades, with some of the world’s biggest private equity and hedge funds and investment bankers and traders who practically minted money.
Goldman Sachs also invests directly in distressed assets, currencies, commodities and other assets, including power generation facilities.
The Goldman Sachs Group, Inc. (Goldman Sachs) is a global investment banking, securities and investment management firm that provides a range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.