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About Goldman Sachs
Goldman Sachs is a leading global investment banking, securities and investment management firm. We provide a wide range of services worldwide to a diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. The About Goldman Sachs section includes:
Provides a bit of history on Goldman Sachs.
We recognize that our ability to maintain and strengthen our edge requires a diverse workforce that can offer the widest possible range of perspectives and our commitment to diversity is reflected in our Business Principles. Learn about some of our diversity programs, scholarships and internships.
Our distinct corporate culture with its inherent set of core values is one of the things that sets us apart from other firms. These values are reflected in our Business Principles, which emphasize integrity, commitment to excellence, innovation and teamwork.
The Wellness Exchange offers a comprehensive selection of programs that assist our people in optimizing their work-life balance and to enhance their quality of life. Learn about the various services we provide.
Goldman Sachs University
Our most important asset is our people and we are committed to their development. Only by offering first-class learning and professional development will we sustain our position as one of the world's leading investment banks.
Goldman Sachs has established offices throughout the world, allowing us to work with a broad spectrum of options for creating innovative solutions for our clients. Read about our various office locations and the type of challenging, industry-leading work that takes place in each.
The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's most prestigious global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street (). Goldman Sachs has offices in leading financial centers such as New York City, Chicago, Los Angeles, Frankfurt, Zürich, Paris, London, Hong Kong, Milan, Sydney, Tokyo and Toronto.
Goldman Sachs acts as a financial adviser to some of the most important companies, largest governments, and wealthiest families in the world. It is a primary dealer in the U.S. Treasury securities market. Goldman Sachs offers its clients mergers & acquisitions advisory, provides underwriting services, engages in proprietary trading, invests in private equity deals, and also manages the wealth of affluent individuals and families.
Goldman Sachs profit is a Wall Street record
And for employees: An average $622,000
By John Holusha Published: December 12, 2006
NEW YORK: Bouyed by massive gains from trading and investments in leveraged buyouts, Goldman Sachs on Tuesday announced the biggest profit in Wall Street history, allowing it to reward eligible employees with an average annual compensation of about $622,000.
The investment banking company that is the leading adviser in corporate mergers and acquisitions said it earned $9.34 billion this year. In its fiscal fourth quarter, which ended Nov. 24, profit increased 93 percent over the year before to $3.16 billion, or $6.59 a share, exceeding most analysts' forecasts.
Goldman will set aside $16.5 billion for salaries, bonuses and benefits, or an average of $622,000 for each employee, although much larger payments usually go to the bankers who arrange business deals or sell corporate stock to investors than to other kinds of employees.
The bonuses at Goldman and those expected at other Wall Street companies are expected to lift the economy in the New York area, particularly in sales of high-end residential real estate, luxury cars and other pricey goods.
"When these guys learn what their bonuses are, we are among the first people they call," said Pamela Liebman, chief executive of Corcoran Group, a residential brokerage. "They call their mothers and then their real estate brokers."
Liebman said that investment bankers "work hard and want to live well" and that they were usually interested in buying a luxury apartment in Manhattan or a second or third residence elsewhere.
She said her agency was already getting calls in advance of the bonus announcements this year and that the interest was not limited to the top executives of Wall Street brokerage houses.
"Even the junior guys want to spend their bonuses on residential real estate," she said.
Two years ago, BMW of Manhattan opened a showroom at 57 Wall St., so that investment bankers would not have to take the time to travel uptown to its main sales and service operation about six miles, or 10 kilometers, away.
At the time, Jeffrey Falk, the president of the dealership, said the intention was to get physically closer to potential customers.
"This is part of a strategy we have been developing over the past two years to make it more convenient for our demographic," he said.
Speaking Tuesday, he said there had been an increased level of what he called "pre-shopping" at the Wall Street showroom, based on anticipated bonuses.
"They are shopping now and talking to salesmen based on what they think their bonus will be," Falk said. "Then in January and February, we'll get the orders."
This was the third consecutive year of record-breaking earnings for Goldman, which is the world's largest securities company as measured by the total market value of its stock. And the company appears positioned to continue growing in its crucial investment banking business.
The company said its backlog of merger and underwriting deals was larger at the end of November than it was at the end of August .
Rising stock prices generally, an active market in fee-generating business deals and gains on investments, many of them in Asia, are expected to make this year exceptionally profitable for many other Wall Street companies as well.
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