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Goldman OKs IPO... again
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March 8, 1999: 1:51 p.m. ET
Investment bank gives it another go, 6 months on; Corzine to resign after sale
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NEW YORK (CNNfn) - After shelving plans to go public last year, Goldman Sachs Group, L.P. Inc. partners agreed Monday to launch an initial public offering for the top-tier investment bank.
Goldman also said Co-chairman Jon Corzine, who has focused on the effort to bring the firm public, will step down from that post after the IPO is completed.
Goldman said its partners had "overwhelmingly" approved the plan to pursue the IPO. A registration statement is expected to be filed March 16.
"We are taking this step to secure permanent capital to grow; to share ownership broadly among our employees now and through future compensation; and to permit us to use publicly traded securities to finance strategic acquisitions that we may elect to make in the future," said Corzine and Henry Paulson, co-chairman and chief executive officer.
Separately Monday, Goldman announced a continued reshuffling of the firm's management. Nineteen-year Goldman veteran David Viniar was named chief financial officer, and Barry Zubrow was tapped for the new position of chief administrative officer.
The partner vote, which had been widely expected to come Monday, marks Goldman's second attempt to go public. Six months ago, the investment bank put off plans for an IPO as the market mood soured.
Many analysts say a Goldman IPO is nearly certain to draw investor interest. The firm has been one of the top underwriters of corporate stock issues and has had a hand in many of the merger deals that have dotted Wall Street's landscape over the past several years.
The IPO will end 130 years of private partnership and enrich top employees. Many analysts said it may give Goldman the equity muscle to further consolidate the industry. 
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Goldman Sachs
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