The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869 by Marcus Goldman, the firm is headquartered in New York and has offices in all major financial centers around the world.
Since September 20, 2013, the bank has been included in the Dow Jones Industrial Average. The Goldman Sachs Group, Inc. trades on the New York Stock Exchange under the symbol GS. As of December 3, 2016, the bank’s market capitalization was estimated at $88.82 billion.
In the early 20 century, Goldman Sachs was the only major player in the IPO market. Goldman Sachs underwrote the IPO of several large companies such as Microsoft, Yahoo!, Ford, GE. At the moment, the financial group owns 962,000 shares of Tesla and a 30% stake in Burger King's.
One of the most important events in the history of the bank was its own IPO, held in 1999. Approximately 48% of the company belongs to partnership associations, 22% are held by the company's employees, 18% are held by long-term investors Sumitomo Bank Ltd. and Hawaii's Kamehameha Activities Assn. About 12% of its shares were withdrawn directly to the market.
In the fourth quarter of fiscal 2008, Goldman Sachs suffered a loss of $2.1 billion for the first time since its IPO in 1999.
The main source of the profit is the stock exchange trading and investments. Asset management accumulates 19% of the company's profit. This area of activity attracts private investors and various large organizations.
Goldman Sachs is one of the leaders in the investment banking sphere. In the mergers & acquisitions market, the company has proved itself as a bank advising their clients on how to avoid hostile takeovers. This business segment generates about 15% of the turnover of Goldman Sachs.