History of Goldman Sachs in Timeline

Goldman Sachs is a multinational investment bank and financial services company founded in 1869 and headquartered in New York City. It is one of the largest investment banks globally by revenue, ranked 32nd on the Fortune 500, and 20th on the Forbes Global 2000 of 2025. Recognized as a systemically important financial institution by the Financial Stability Board, it maintains regional offices in numerous international financial centers.

1900: Opened offices in Boston and Chicago

In 1900, Goldman Sachs expanded its operations by opening offices in Boston and Chicago.

1906: Entered IPO market with Sears, Roebuck and Company

In 1906, Goldman Sachs entered the IPO market by taking Sears, Roebuck and Company public, facilitated by Henry Goldman's friendship with Julius Rosenwald. The firm also underwrote the IPO of General Cigar Company in 1906.

1912: Underwriting work for IPOs

In 1912, Goldman Sachs continued its underwriting work for IPOs, including that of F. W. Woolworth Company.

1912: Henry S. Bowers became partner

In 1912, Henry S. Bowers became the first non-member of the founding family to become a partner of the firm and share in its profits.

1917: Henry Goldman Resigned

In 1917, Henry Goldman resigned from Goldman Sachs under pressure from other partners due to his pro-German stance.

1918: Opened office in San Francisco

In 1918, Goldman Sachs opened an office in San Francisco.

1918: Waddill Catchings Joined Goldman Sachs

In 1918, Waddill Catchings joined Goldman Sachs, eventually becoming the partner with the largest stake in the firm by 1928.

1919: Acquired interest in Merck & Co.

In 1919, Goldman Sachs acquired a major interest in Merck & Co.

1920: Opened offices in Philadelphia and St. Louis

In 1920, Goldman Sachs opened offices in Philadelphia and St. Louis.

1922: Acquired interest in General Foods

In 1922, Goldman Sachs acquired a major interest in General Foods.

December 4, 1928: Launched Goldman Sachs Trading Corp.

On December 4, 1928, Goldman Sachs launched the Goldman Sachs Trading Corp., a closed-end fund.

1929: Wall Street Crash

During the Wall Street Crash of 1929, the Goldman Sachs Trading Corp. failed amid accusations of share price manipulation and insider trading.

1930: Sidney Weinberg Assumed Senior Partner Role

In 1930, during the Great Depression, Catchings was ousted, and Sidney Weinberg became the senior partner, shifting focus to investment banking and restoring the firm's reputation.

1956: Formed an investment banking division

In 1956, Goldman Sachs formed an investment banking division in an attempt to shift focus off Weinberg.

1956: Lead advisor on Ford Motor Company IPO

In 1956, under Weinberg's leadership, Goldman Sachs was the lead advisor on the $657 million IPO of Ford Motor Company.

1957: Relocated headquarters to 20 Broad Street, New York City

In 1957, Goldman Sachs relocated its headquarters to 20 Broad Street, New York City.

1958: Advisor on Sears Roebuck debenture offering

In 1958, under Weinberg's leadership, Goldman Sachs advised on the $350 million debenture offering by Sears Roebuck.

1969: Gus Levy took over Weinberg's role as senior partner

In 1969, Gus Levy took over Weinberg's role as senior partner and built the firm’s trading franchise once again. Weinberg remained a senior partner of the firm and died in July of that year.

1970: Opened first international office in London

In 1970, Goldman Sachs opened its first international office in London, under the direction of partner Stanley R. Miller.

1970: Penn Central Transportation Company Bankruptcy

In 1970, the Penn Central Transportation Company went bankrupt with over $80 million in commercial paper outstanding, most of it issued through Goldman Sachs, leading to lawsuits and credit ratings for commercial paper issuers.

1972: Created private wealth management and fixed income divisions

In 1972, Goldman Sachs created a private wealth management division along with a fixed income division.

1974: Pioneered the "white knight" strategy

In 1974, Goldman Sachs pioneered the "white knight" strategy during its attempts to defend Electric Storage Battery against a hostile takeover bid from International Nickel and Morgan Stanley.

1976: John Weinberg and John C. Whitehead assumed roles of co-senior partners

In 1976, John Weinberg and John C. Whitehead assumed the roles of co-senior partners at Goldman Sachs and established 14 business principles.

November 16, 1981: Acquired J. Aron & Company

On November 16, 1981, Goldman Sachs acquired J. Aron & Company, a commodities trading firm involved in the coffee and gold markets.

1983: Moved into new global headquarters

In 1983, Goldman Sachs moved into a newly constructed global headquarters at 85 Broad Street.

1985: Underwrote Rockefeller Center REIT offering

In 1985, Goldman Sachs underwrote the public offering of the real estate investment trust that owned Rockefeller Center.

1986: Formed Goldman Sachs Asset Management

In 1986, Goldman Sachs formed Goldman Sachs Asset Management (GSAM) and underwrote the IPO of Microsoft and advised General Electric on its acquisition of RCA. The firm also joined the London and Tokyo stock exchanges.

1988: Helped State Bank of India obtain credit rating

In 1988, Goldman Sachs helped the State Bank of India obtain a credit rating and issue US$200 million in the US commercial paper market.

1990: Robert Rubin and Stephen Friedman became co-senior partners

In 1990, Robert Rubin and Stephen Friedman became co-senior partners at Goldman Sachs and introduced paperless trading to the New York Stock Exchange.

1992: Robert Rubin left the firm

In 1992, Robert Rubin left Goldman Sachs to work in the Presidency of Bill Clinton.

1994: Launched Goldman Sachs Commodity Index and opened Beijing office

In 1994, Goldman Sachs launched the Goldman Sachs Commodity Index (GSCI) and opened its first office in China in Beijing. Jon Corzine became CEO that same year.

May 1999: Became a public company via IPO

In May 1999, Goldman Sachs became a public company via an IPO, selling 12.6% of the firm to the public at $53 per share. Henry Paulson succeeded Jon Corzine as chairman and CEO after the IPO.

September 2000: Purchased Spear, Leeds, & Kellogg

In September 2000, Goldman Sachs purchased Spear, Leeds, & Kellogg, one of the largest specialist firms on the New York Stock Exchange, for $6.3 billion.

May 2006: Lloyd Blankfein became chairman and CEO

In May 2006, Lloyd Blankfein was promoted to chairman and chief executive officer of Goldman Sachs after Henry Paulson left to serve as United States Secretary of the Treasury.

September 21, 2008: Became a bank holding company

On September 21, 2008, Goldman Sachs confirmed it would become a traditional bank holding company.

September 23, 2008: Berkshire Hathaway invested in Goldman Sachs

On September 23, 2008, Berkshire Hathaway agreed to purchase $5 billion in Goldman Sachs preferred stock and received warrants to buy another $5 billion in common stock.

October 2008: Received TARP investment from U.S. Treasury

In October 2008, Goldman Sachs received a $10 billion preferred stock investment from the U.S. Treasury as part of the Troubled Asset Relief Program (TARP).

2008: Role in the 2008 global financial crisis

In 2008, Goldman Sachs faced criticism for its involvement in the global financial crisis.

June 2009: Repaid TARP investment

In June 2009, Goldman Sachs repaid the U.S. Treasury's TARP investment, with 23% interest.

November 16, 2009: Opened new headquarters at 200 West Street

On November 16, 2009, Goldman Sachs opened its new headquarters at 200 West Street.

2009: Moved to current headquarters

In 2009, Goldman Sachs moved to its current headquarters.

March 18, 2011: Bought back Berkshire Hathaway's preferred stock

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

June 2011: AUM declines

By June 2011, assets under management (AUM) of the Global Alpha fund was less than $1.7 billion.

September 2011: Shut down Global Alpha Fund LP

In September 2011, Goldman Sachs announced that it was shutting down Global Alpha Fund LP, its largest hedge fund, which had been housed under Goldman Sachs Asset Management (GSAM).

August 2015: Agreed to acquire GE Capital Bank online deposit platform

In August 2015, Goldman Sachs agreed to acquire General Electric's GE Capital Bank online deposit platform, including $8 billion of online deposits and another $8 billion of brokered certificates of deposit.