Goldman Sachs

On August 21, 2022, Goldman Sachs announced the acquisition of NextCapital Group, a fintech firm specializing in digital retirement advice. This acquisition enhances Goldman’s capabilities in developing innovative retirement solutions and expands its asset management business. The firm is focusing on integrating technology with advisory services for comprehensive wealth management.

Goldman Sachs agreed to a $3.9 billion settlement with the Government of Malaysia on July 24, 2020, over its role in the 1MDB scandal. The agreement includes a payment of $2.5 billion in cash and a guarantee of $1.4 billion in assets. This settlement was part of efforts to resolve criminal charges linked to the multibillion-dollar fraudulent scheme.

In early 2018, Goldman Sachs entered the consumer banking market with its online platform, Marcus. Named after founder Marcus Goldman, the platform offers simple savings account options and personal loans. This move marks Goldman's expansion strategy, targeting the retail finance sector, and becoming a major player in consumer banking.

In April 2013, Goldman Sachs launched the 10,000 Women program, aimed at empowering female entrepreneurs globally by providing them with business education and access to capital. This initiative seeks to provide women with a comprehensive curriculum focusing on practical business skills and networking opportunities, improving their businesses' growth potential.

Goldman Sachs settled with the SEC on July 15, 2010, agreeing to pay $550 million to settle charges that it misled investors in a subprime mortgage product. The settlement was one of the largest ever for the SEC at the time and required Goldman to reform its business practices and comply with heightened industry standards.

The SEC charged Goldman Sachs with fraud on April 16, 2010, over its marketing of a subprime mortgage product known as Abacus 2007-AC1. The charges alleged that Goldman misled investors by not disclosing that a hedge fund helped put together, and stood to benefit from, investments that it was betting would fail. The case highlighted ethical concerns in financial services.

On September 21, 2008, Goldman Sachs was approved to become a bank holding company, allowing it to access emergency funds and more easily raise capital. This move followed the collapse of Lehman Brothers and was a pivotal moment in the financial crisis. It marked a significant transformation of the firm’s business model and regulatory environment.

Goldman Sachs played a crucial role in the lead up to the 2008 financial crisis. Throughout the mid-2000s, the firm heavily invested in mortgage-backed securities and complex derivative instruments. They profited from the housing market run-up while also shorting the housing market to hedge against potential losses, leading to immense controversy.

Goldman Sachs went public on May 4, 1999. It was one of the largest IPOs at the time, and the firm raised $3.66 billion through the sale of 12.6 percent of its shares. The decision to go public was made under the leadership of then-CEO Henry Paulson and marked a significant shift in the firm's structure and business strategy.

Goldman Sachs was founded in 1869 by Marcus Goldman in New York City. Originally a commercial paper business, it quickly gained a reputation for its conservative credit guidelines and innovative financial services. The firm provided merchants with an alternative to loans from New York banks, securing it a solid client base.