History of Goldman Sachs in Timeline

The Goldman Sachs Group, Inc. is a multinational investment bank and financial services company established in 1869. Headquartered in New York City, with regional hubs globally, it is one of the world's largest investment banks by revenue. Goldman Sachs holds a prominent position on the Fortune 500 and Forbes Global 2000 lists, reflecting its significant financial impact. The Financial Stability Board considers it a systemically important financial institution.

1900: Goldman Sachs opens offices in Boston and Chicago

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

1906: Goldman Sachs enters IPO market with Sears, Roebuck and Company

In 1906, Goldman Sachs entered the initial public offering (IPO) market by taking Sears, Roebuck and Company public. The deal was facilitated by Henry Goldman's personal friendship with Julius Rosenwald, an owner of Sears. They also worked on the IPO for General Cigar Company in 1906.

1912: Goldman Sachs underwrites IPO of F. W. Woolworth Company

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

1912: Henry S. Bowers becomes 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 resigns from Goldman Sachs

In 1917, under growing pressure from the other partners in the firm due to his pro-German stance, Henry Goldman resigned.

1918: Goldman Sachs opens office in San Francisco

In 1918, Goldman Sachs opened an office in San Francisco, extending its reach further west.

1918: Waddill Catchings joins Goldman Sachs

In 1918, Waddill Catchings joined Goldman Sachs, and the Sachs family no longer had full control of the firm.

1919: Goldman Sachs acquires interest in Merck & Co.

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

1920: Goldman Sachs opens offices in Philadelphia and St. Louis

In 1920, Goldman Sachs continued its expansion by opening offices in Philadelphia and St. Louis.

1922: Goldman Sachs acquires interest in General Foods

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

December 4, 1928: Goldman Sachs launches Trading Corp.

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

1929: Wall Street Crash and failure of Goldman Sachs Trading Corp.

In 1929, the Goldman Sachs Trading Corp. failed during the Wall Street Crash, amid accusations that Goldman Sachs had engaged in share price manipulation and insider trading.

1930: Sidney Weinberg assumes role of senior partner

In 1930, during the Great Depression, Sidney Weinberg assumed the role of senior partner, shifting Goldman's focus toward investment banking.

1956: Goldman Sachs forms investment banking division

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

1956: Goldman Sachs lead advisor on Ford Motor Company IPO

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

1957: Goldman Sachs headquarters relocated

In 1957, the company's headquarters were relocated to 20 Broad Street, New York City.

1958: Goldman Sachs lead advisor on Sears Roebuck debenture offering

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

1969: Gus Levy takes over as senior partner

In 1969, Gus Levy took over Weinberg's role as senior partner and built the firm’s trading franchise once again.

1970: Goldman Sachs opens first international office in London

In 1970, Goldman Sachs opened its first international office in London and created a private wealth management division.

1970: Penn Central 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.

1972: Goldman Sachs creates a fixed income division

In 1972, Goldman Sachs created a fixed income division.

1974: Goldman Sachs pioneers 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.

1976: John Weinberg and John C. Whitehead become co-senior partners

In 1976, John Weinberg, the son of Sidney Weinberg, and John C. Whitehead assumed the roles of co-senior partners in 1976, once again emphasizing the co-leadership at the firm. One of their initiatives was the establishment of 14 business principles.

November 16, 1981: Goldman Sachs acquires J. Aron & Company

On November 16, 1981, Goldman Sachs acquired J. Aron & Company, a commodities trading firm.

1983: Goldman Sachs moves into new headquarters

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

1985: Goldman Sachs underwrites public offering of Rockefeller Center REIT

In 1985, Goldman Sachs underwrote the public offering of the real estate investment trust that owned Rockefeller Center, then the largest REIT offering in history.

1986: Goldman Sachs Asset Management formed

In 1986, Goldman Sachs formed Goldman Sachs Asset Management which provides investment and advisory services across public and private markets.

1988: Goldman Sachs helps 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 become co-senior partners

In 1990, Robert Rubin and Stephen Friedman became co-senior partners and pledged to focus on globalization of the firm.

1992: Robert Rubin leaves Goldman Sachs

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

1994: Goldman Sachs launches Commodity Index and opens office in China

In 1994, Goldman Sachs launched the Goldman Sachs Commodity Index (GSCI) and opened its first office in China in Beijing.

May 1999: Goldman Sachs becomes a public company via IPO

In May 1999, after decades of debate among the partners, Goldman Sachs became a public company via an IPO, selling 12.6% of the company to the public at $53 per share. After the IPO, Henry Paulson became chairman and chief executive officer, succeeding Jon Corzine.

September 2000: Goldman Sachs purchases 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.

2000: Financial data from company's SEC Form 10-K

Financial data in billions of US dollars and employee data in thousands. The data is sourced from the company's SEC Form 10-K from 2000 to 2025.

May 2006: Henry Paulson leaves firm; Lloyd Blankfein becomes CEO

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

2006: The "Cadillac of a fleet of alternative investments"

By 2006, Global Alpha was described by The Wall Street Journal as a "big, secretive hedge fund"—the "Cadillac of a fleet of alternative investments" that had made millions for Goldman Sachs

2007: Global Alpha Fund reaches peak AUM

In 2007, Global Alpha, was once "one of the biggest and best performing hedge funds in the world" with more than $12 billion assets under management (AUM)

September 21, 2008: Goldman Sachs becomes a bank holding company

On September 21, 2008, Goldman Sachs and Morgan Stanley both confirmed that they would become traditional bank holding companies.

September 23, 2008: Berkshire Hathaway invests in Goldman Sachs

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

October 2008: Goldman Sachs receives TARP investment

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: Assets under management (AUM) of Global Alpha Fund declined

By mid-2008, assets under management (AUM) of the Global Alpha Fund had declined to $2.5 billion

June 2009: Goldman Sachs repays TARP investment

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

November 16, 2009: Goldman Sachs opens new headquarters

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

March 18, 2011: Goldman Sachs buys 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: Global Alpha assets under management decline

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

September 2011: Goldman Sachs shuts 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: Goldman Sachs 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.

April 2016: Goldman Sachs launches GS Bank

In April 2016, Goldman Sachs launched GS Bank, a direct bank.

October 2016: Goldman Sachs Bank USA offers Marcus personal loans

In October 2016, Goldman Sachs Bank USA started offering no-fee unsecured personal loans under the brand Marcus by Goldman Sachs.

2018: David Solomon to succeed Lloyd Blankfein

In 2018, Goldman Sachs announced that David Solomon would succeed Lloyd Blankfein as chairman and chief executive officer.

March 2019: Apple announces partnership with Goldman Sachs to launch Apple Card

In March 2019, Apple, Inc. announced that it would partner with Goldman Sachs to launch the Apple Card, the bank's first credit card offering.

August 2021: Goldman Sachs acquires NN Investment Partners

In August 2021, Goldman Sachs announced that it had agreed to acquire NN Investment Partners, which had $335 billion in assets under management, for €1.7 billion from NN Group.