graphic
News > Companies
Goldman moves near IPO
June 1, 1998: 9:38 a.m. ET

Two influential panels endorse plan for partnership to sell stake to public
graphic
graphic graphic
graphic
NEW YORK (CNNfn) - Goldman Sachs & Co. reportedly has taken one step closer to becoming a public company.
     At meetings in New York over the weekend, Goldman's operating and partnership committees recommended the limited partnership consider a proposal to sell a stake to the public, the Wall Street Journal reported Monday.
     The 130-year-old partnership -- the last major one on Wall Street -- will take up the proposal at a full partners meeting June 12 or shortly after, indicating the highly anticipated initial public offering may come as early as the fourth quarter, the Journal said.
     Goldman Sachs has 190 partners with equity stakes. The IPO proposal, which values the firm at an estimated $30 billion, would include incentives for its 210 managing directors and lower-level vice presidents.
     The endorsements from the two committees -- each with 19 members -- is the broadest support yet for a public sale. The investment bank has considered a public sale seven times during the past 27 years.
     Goldman Sachs officials couldn't be reached for comment.
     Separately, Goldman Sachs said it named Henry M. Paulson Jr. as co-chairman and co-chief executive sharing the titles with Jon S. Corzine.
     Since November 1994, Paulson has served as president and chief operating officer.Back to top

  RELATED STORIES

Goldman 1Q earnings rise - March 23, 1998

Lazard exec off to Goldman - March 19, 1998

  RELATED SITES

Goldman Sachs


Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney




graphic


Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.