Emily Beynon

Goldman Sachs at 150: Part 1 – Beginnings (1869)

Emily Beynon

Founded in 1869 by immigrant Marcus Goldman and later expanded by his son-in-law Samuel Sachs and son Henry Goldman, the firm evolved from a niche commercial paper dealer into a dominant investment bank through a unique leadership dynamic and aggressive market innovation. Pioneering critical financial practices such as the underwriting of non-utility retailers and the development of the Price-to-Earnings ratio, the partners successfully floated major companies like Sears and Macy's while navigating competition from established giants like J.P. Morgan. This strategic combination of calculated risk-taking and client-focused ingenuity transformed the organization from a basement operation into a globally influential institution that maintained its core values despite significant operational changes over the first century of its existence.