Founded in 1869, Goldman Sachs Group, a Fortune 500 company, provides a wide range of investment, advisory and financial services to the world, and is one of the oldest and largest investment banks in the world
Goldman Sachs, a leading international investment bank, provides a wide range of investment, advisory and financial services to the world, with a large number of clients in a wide range of industries, including private companies, financial enterprises, government agencies and individuals. Founded in 1869, Goldman Sachs Group Inc. is one of the world's oldest and largest investment banks, headquartered in New York, with offices in Tokyo, London and Hong Kong, and 41 offices in 23 countries. All of its operations are built on a cohesive, global foundation, with excellent experts serving its clients. At the same time, it has rich regional market knowledge and international operation capabilities.
Goldman Sachs was founded in 1869 by German immigrant Markus Goldman. Goldman Sachs was founded in 1869, and between the nineteen-nineties and the First World War, investment banking began to take shape, but it was not distinguished from commercial banks. Goldman Sachs initially engaged in commercial paper trading at this stage, starting with only one office staff and one part-time bookkeeper. Founder Marcus Goldman buys promissory notes from merchants at a discount every day, and then on an agreed date, the merchant who originally sold the promissory notes pays cash at face value, the difference being Marcos' income. In 1882, his son-in-law, Samuel Sachs, joined the company. In 1885, Marcus Goldman brought his sons Henry and Ludwig Dreyfuss into the firm and named it Goldman Sachs. The company became the first pioneer in commercial paper trading during this period, and in 1896 it joined the New York Stock Exchange.
At the beginning of the twentieth century, equity underwriting, including initial public offerings, made Goldman Sachs a true investment bank, and in 1906 the firm helped Sear Roebuck issue the largest initial public offering at the time. Goldman Sachs also became one of the most popular companies at the time to recruit MBA students from prestigious business schools, a habit that continues to this day. Later, Goldman Sachs added loans, foreign exchange and the emerging stock underwriting business, which was small but already in shape. And the equity underwriting business turned Goldman Sachs into a true investment bank.
In 1929, Goldman Sachs was still a conservative family business, and its leader, Vidio Cedgens, wanted to transform Goldman Sachs from a single paper business into a full-fledged investment bank. His first step was to introduce the stock business, establishing the Goldman Sachs Stock Exchange Company, which was driven by his fanaticism to enter and rapidly expand the business similar to today's mutual fund at the rate of establishing a trust and investment company every day, and the stock issuance swelled by $100 million in a short period of time. The company grew very fast, and the stock rose from a few dollars per share, to more than $100, and finally to more than $200. But the good times did not last long, the global financial crisis in 1929, the Wall Street stock market crashed, causing the stock price to plummet, falling to more than a dollar, causing the company to lose 92% of its original investment, and the company's reputation also plummeted on Wall Street, becoming a laughing stock on Wall Street, a false synonym, and the company was on the verge of bankruptcy. Since then, his successor, Sidney Weinberg, has maintained a conservative and steady business style.
