Goldman Sachs

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Goldman Sachs Group, Inc.
Goldman-square-200px.jpg
Founded 1869
Headquarters New York, NY
Key People David Solomon, Chairman and CEO
Employees 10,000+
Products Brokerage, investment banking, asset management
Twitter @goldmansachs
LinkedIn Profile
Facebook goldmansachs
Website Goldman Sachs Homepage

Goldman Sachs (GS) is one of the world's largest investment banks and trading houses. It's a long-standing member of[Wall Street's so-called "bulge bracket" of securities-industry powerhouses that includes arch-rivals Morgan Stanley, Merrill Lynch and JPMorgan Chase & Co. Like many competitors, Goldman suffered from the sub-prime mortgage meltdown in 2007 and in the following years took some hits, largely as a result of public criticism.

History

Goldman Sachs was founded in 1869 by German immigrant Marcus Goldman when he opened a commercial paper business on New York City's Pine Street.[1] The business was restructured in 1989 when the Goldman Sachs Group, LP was formed to serve as the Goldman parent company. In 1996 the Goldman Sachs Corporation, owned by a partnership of Goldman's managing directors, became the Group's sole general partner.[2]

Cryptocurrency

Goldman Sachs has a complicated history with the cryptocurrency and blockchain space. The nearly 150-year-old brokerage announced that it was setting up a cryptocurrency trading desk during the bitcoin price explosion in December 2017, after Cboe and the CME Group originally launched their bitcoin derivatives products.[3] Despite this, Goldman has a long history of drawing the ire of the cryptocurrency community, issuing statements decrying the entire space as a speculative bubble, comparing it to the Dutch "tulipmania" of the 17th century, and even outright declaring that it is "not an asset class."[4][5][6]

Despite its apparent distaste for cryptocurrencies, Goldman has continued to build out its digital assets branch and, ostensibly, explore the commercial viability of cryptocurrencies, as well as - potentially - creating its own digital token (perhaps one similar to JPMorgan's JPM Coin). By Q3 of 2020, the team had grown to ten people, including Amar Amlani, former executive director in cross assets financing, and Oli Harris, former head of digital asset strategy and Quorum at JPMorgan. In August 2020, Goldman named Matthew McDermott as the new head of its digital assets business. In September 2020, cryptocurrency news outlet The Block reported that Goldman had made two new international hires - a vice president position in the U.K., and a research and development software engineer in Singapore, [7]

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References