In 2008, Goldman Sachs Group was ranked #23 in Forbes' list of global 2000. Goldman Sachs Group is an investment banking, management, and securities firm headquartered in New York, United States.
Goldman Sachs Group was ranked high by Forbes on account of high assets and sales ranks. Goldman Sachs has operations in different countries like Argentina, Canada, United States, Israel, Russia, United Arab Emirates, United Kingdom, Australia, China, India, Hong Kong, and Thailand.
Goldman Sachs Group was founded in 1869 by Marcus Goldman, a German Jewish immigrant. In 1896, Goldman Sachs was extended an invitation to be listed on New York Stock Exchange. In 1930, under Sidney Weinberg, a senior partner, Goldman Sachs Group began its foray into investment banking.
This public company had been able to overcome challenges posed by various financial crises brought on by stock market crash in 1929 and bankruptcy of Penn Central Railroad Company in 1970. But it remains to be seen how this firm sustains itself when another global financial crisis is threatening its business operations.
Products and services
Goldman Sachs Group offers its products and services to individuals, institutions, hedge fund, and investment advisors. This firm provides assistance in matters related to asset allocation, mergers and acquisitions, debt financing, bank loans, lending, equity capital markets, investment options, securities, and investment research.
In 2007, Goldman Sachs Group registered a sales figure of about $71.431 billion. Profits for this firm amounted to nearly $7.658 billion. Assets owned by Goldman Sachs were worth about $1081.773 billion. In 2007, total employee count of Goldman Sachs Group was around 30,522.
Awards and recognition
In 2008, Fortune magazine identified Goldman Sachs Group to be 9th best in its global list of “100 Best Companies to Work For”. Fortune also listed Goldman Sachs in 11th position in list of “Most Admired Companies in America”.
Current financial crisis
Goldman Sachs' experience in dealing with problem securities and derivatives may help it to identify potential portfolio pitfalls. Another wise approach adopted by this group was its conversion from a securities company to a commercial bank. Quite recently, media reports indicated that merger talks between Goldman Sachs' CEO, Lloyd Blankfein, and Citigroup's chief executive, Vikram Pandit had taken place sometime in September, 2008. Goldman Sachs Group has not been able to protect its business interests from global financial meltdown. But so far it has faced less severe damages than what some of the other Wall Street giants had to go through.