Shift stock symbol12/16/2023 ![]() ![]() By then the business advantages of going public became undeniable, and the firm’s partners voted to undertake the same institutional transformation through which Goldman Sachs had guided hundreds of clients since 1906. In 1998, Goldman Sachs was the last big private investment bank in the United States. Preserving Goldman Sachs’ unique partnership culture remained the prevailing consideration at the time. In 1986, a proposal by Steve Friedman and Bob Rubin (later named co-senior partners) to take the firm public generated heated emotional conversations among the partners. They went as far as printing new business cards before deciding that the partnership structure continued to be most advantageous. In 1971, recognizing the value of additional capital to grow the firm and the services it provided to clients, the Goldman Sachs Management Committee again considered incorporating. The idea lacked support at the time, and the vision of Goldman Sachs as a public company would not be realized until the end of the 20th century. In the late 1960s, Sidney Weinberg first weighed the possibility of taking the firm public, asking Gus Levy to canvas partners for their opinions. A partnership for most of its first one hundred years, the firm functioned briefly as a joint stock association between 19. The journey to becoming a public company was a long and introspective one for Goldman Sachs. ![]() The firm is among the last large financial institutions to do so. After decades of impassioned debate, the partners of Goldman Sachs vote in 1998 to take the firm public the following year. ![]()
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