The Goldman Sachs Group, Inc. is an American multinational banking firm that engages in global investment banking, investment management, securities, and other financial services, primarily with institutional clients.
Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds and some government-sponsored enterprises.
An investment bank is typically a private company that provides various financial-related and other services to individuals, corporations, and governments such as raising financial capital by underwriting or acting as the client's agent in the issuance of securities.
Investment management is the professional asset management of various securities and other assets in order to meet specified investment goals for the benefit of the investors.
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Goldman Sachs was founded in 1869 and is headquartered at 200 West Street in Lower Manhattan, New York City, with additional offices in other international financial centers.
Lower Manhattan, also known as Downtown Manhattan, is the southernmost part of Manhattan, the central borough for business, culture, and government in the City of New York, which itself originated at the southern tip of Manhattan Island in 1624.
New York is a state in the Northeastern United States and is the 27th-most extensive, fourth-most populous, and seventh-most densely populated U.S. state.
Manhattan is the most densely populated borough of New York City, its economic and administrative center, and the city's historical birthplace.
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The firm provides asset management, mergers and acquisitions advice, prime brokerage, and underwriting services to its clients, which include corporations, governments, and individuals.
Prime brokerage is the generic name for a bundled package of services offered by investment banks and securities firms to hedge funds which need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return.
Mergers and acquisitions are transactions in which the ownership of companies, other business organizations or their operating units are transferred or combined.
Asset management, broadly defined, refers to any system that monitors and maintains things of value to an entity or group.
The firm also engages in market making and private equity deals, and is a primary dealer in the U.S. Treasury security market.
A primary dealer is a firm that buys government securities directly from a government, with the intention of reselling them to others, thus acting as a market maker of government securities.
In finance, private equity is an asset class consisting of equity securities and debt in operating companies that are not publicly traded on a stock exchange.
The Department of the Treasury is an executive department and the treasury of the United States federal government.
Due to its involvement in subprime mortgages, Goldman Sachs was hit hard by the 2008 economic crisis, and was subsequently rescued as part of a massive U.S. government bailout.
The financial crisis of 2007–09, also known as the global financial crisis and the 2008-09 financial crisis, is considered by many economists to have been the worst financial crisis since the Great Depression of the 1930s.
Former Goldman executives who moved on to government positions include former U.S. Secretaries of the Treasury Robert Rubin and Henry Paulson; European Central Bank President Mario Draghi; and former Bank of Canada Governor and current Governor of the Bank of England Mark Carney.
The European Central Bank is the central bank for the euro and administers monetary policy of the eurozone, which consists of 19 EU member states and is one of the largest currency areas in the world.
The Bank of England, formally the Governor and Company of the Bank of England, is the central bank of the United Kingdom and the model on which most modern central banks have been based.
Mario Draghi OMRI is an Italian economist, manager and banker who succeeded Jean-Claude Trichet as the President of the European Central Bank on 1 November 2011.