It’s Official: Goldman Sachs Will Go Public
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As expected, partners in Goldman Sachs & Co., Wall Street’s last large private partnership, voted overwhelmingly Monday to sell at least 10% of the firm to the public to raise more than $2 billion.
The decision marks the end of an era for the secretive, 130-year-old investment bank, since it will have to give up some control in exchange for the cash it needs to keep pace with competitors, including Merrill Lynch and Morgan Stanley.
After the stock offering Goldman is expected to be worth $24 billion, making it the No. 3 U.S. securities firm after Morgan and Merrill.
Jon S. Corzine, Goldman co-chairman, told the 220 partners that he will leave the bank after its transformation into a public company this summer.
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