Finance · Profile from Finance Research Companion
The Goldman Sachs Group, Inc.
The Wall Street partnership that became the archetype of the modern investment bank: founded in 1869 as a one-man commercial-paper dealer, it went public in 1999, turned itself into a bank holding company in the panic of September 2008 with $5bn from Warren Buffett and $10bn from the Treasury, paid billions for Abacus and 1MDB, spent a decade and several billion dollars trying to become a consumer bank (Marcus, Apple Card) before retreating, and by 2025–26 was earning record revenues as a combined trading, advisory and alternatives-and-wealth franchise.
At a glance
- Founded
- 1869, New York, by Marcus Goldman; Samuel Sachs became a partner in 1882 and the firm took the name Goldman, Sachs & Co. in 1885 (company history)
- Headquarters
- 200 West Street, New York
- Ownership / structure
- Public company, NYSE: GS since May 4, 1999; bank holding company regulated by the Federal Reserve since September 21, 2008 (later also a financial holding company); main bank subsidiary Goldman Sachs Bank USA (New York state-chartered, Fed member)
- Leadership (2026)
- David Solomon, chairman and CEO (CEO since October 2018, chairman since January 2019); John Waldron, president and COO (board member since 2024–25, reported); Denis Coleman, CFO. In September 2026 the board was reported to be discussing Waldron succeeding Solomon around 2027–28, with Solomon becoming executive chairman; Goldman said there was no definitive timeline (reported, verify)
- Segment
- Investment bank and global markets firm with an asset and wealth management arm; a small residual consumer unit (Platform Solutions) being run off
- Scale
- Total assets ~$1.7–1.8tn (end-2025, verify); assets under supervision (AUS) $4.10tn at September 30, 2026, of which alternatives $491bn; headcount 47,400 (end-2025) and 47,500 (Q3 2026) (company results)
- Revenue and profit
- 2025 net revenues $58.28bn (+9%), net earnings $17.18bn, diluted EPS $51.32, ROE 15.0%, efficiency ratio 64.4%; Q2 2026 record net revenues ~$20.3bn and EPS $20.98 (reported); Q3 2026 net revenues $18.68bn (+23%), net earnings $5.29bn, EPS $17.01; nine months 2026 net revenues $56.24bn, ROE 20.7% annualised (company results)
- Capital
- CET1 ratio 14.4% standardised at end-2025 and 12.4% at September 30, 2026; book value per share $357.60 (end-2025) and $372.64 (Q3 2026)
- Signature moves (incl. failures)
- 1999 IPO ending 130 years of partnership; 2008 conversion to a bank holding company with Buffett and TARP capital; 2010 Abacus settlement ($550m); 2016 Marcus consumer launch; 2019 Apple Card; 2020 1MDB resolution (>$5bn globally); 2023 consumer retreat and GreenSky sale; 2023 role in SVB's last days; 2025 alternatives-and-wealth acquisitions; 2026 Apple Card transfer to JPMorgan
10 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
1999
IPO End of the Partnership
IPO
2008
Bank Holding Company and Buffett Capital
Restructuring / bailout (regulatory conversion plus private and government capital)
2010
Abacus SEC Settlement
Regulatory settlement
2016
Marcus Consumer Bank Launch
Launch / acquisition (deposit platform purchase plus de novo lending brand)
2019
Apple Card Partnership
Partnership (co-brand card issuing)
2020
1MDB Global Resolution
Regulatory settlement (criminal and civil, multi-jurisdiction)
2023
Consumer Retreat and GreenSky Sale
Restructuring / divestiture
2023
SVB Bond Purchase and Failed Raise
Transaction / advisory (principal purchase of a client's securities plus a mandate to lead its equity raise)
2025
Alternatives and Wealth Pivot
Acquisition / partnership / reorganisation
2026
Apple Card Transfer to JPMorgan
Divestiture (sale of a co-brand card portfolio and issuer role)