Goldman Sachs
Headquarters:
85 Broad St.
New York, NY 10004
Employees: 30,067
CEO: Lloyd Blankfein
Stock Symbol: GS
Website:
http://www.goldmansachs.com
Career Page
Goldman Sachs is one of the premier financial companies in the world. It provides financial advisory services, underwriting and investment management.
Last September, due to the plunge in the stock market, Goldman Sachs converted into a bank holding company so it could accept deposits from bank customers. The move will mean more regulation from the Federal Reserve and also reduces risk from using leverage.
Goldman Sachs' business activities are divided into three segments:
Investment Banking. The firm provides a broad range of
investment banking services to a diverse group of corporations,
financial institutions, governments and wealthy individuals.
Trading and Principal Investments. The firm facilitates
client transactions with a diverse group of corporations, financial
institutions, governments and individuals and takes proprietary
positions through market making in, trading of and investing
in fixed income and equity products, currencies, commodities
and derivatives on such products. In addition, the firm engages
in specialist and market-making activities on equities and options
exchanges and clears client transactions on major stock, options
and futures exchanges worldwide. In connection with the firm's
merchant banking and other investing activities, the firm makes
principal investments directly and through funds that the firm
raises and manages.
Asset Management and Securities Services. The firm provides
investment advisory and financial planning services and offers
investment products across all major asset classes to a diverse
group of institutions and individuals worldwide, and provides
prime brokerage services, financing services and securities lending
services to mutual funds, pension funds, hedge funds, foundations
and high-net-worth individuals worldwide.
Many prominent people in the financial
world have worked at Goldman Sachs including Robert Rubin, former
Treasury Secretary, John Thain, current Chairman of the New York
Stock Exchange, and Jim Cramer, host of CNBC's Mad Money. Cramer
was a trader at Goldman.
In fiscal 2008, Goldman Sachs reported revenues of $22.2 billion and net income of $2.32 billion. Revenues were down 52% from the previous year. The company reported a fourth-quarter loss of $2.12 billion.
Compensation and benefits at the company totaled $10.93 billion in 2008, a 46% decline. Workers at the company are among the best paid in the nation due to annual bonuses.
Goldman Sachs announced last October it would lay off 10% of its workforce or 3,200 employees.
The company has offices in over 20 countries.
History
The firm was founded in 1869 when Marcus
Goldman set up a commercial paper dealership in New York. He
was joined by his son-in-law, Samuel Sachs, in 1882. The company
would play a lead role in the market for Initial Public Offerings
in the 1900s.
Goldman Sachs went public on the NYSE in
1999.
Benefits
Employees receive year-end bonuses based
on salary and company performance.
A benefit pension plan contributes one
percent of an employee's compensation for each year of service,
capped at $75,000.
The company offers on-site health services,
back-up childcare and fitness centers in New York, London and
Chicago offices.
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