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Innovation

Creativity and innovation have become hallmarks of Goldman Sachs – from creating the first price-to-earnings ratio, to initiating the investment banking business, to the technological reinvention of the modern IPO and beyond.

+ Themes Innovation

Firm's First IPO Uses New Earnings-Based Approach to Valuation

Henry Goldman leads the firm’s first IPO, utilizing the innovative strategy of earnings, rather than solely assets, to attract long-term investment in United Cigar Manufacturers.

Clients , Innovation

John Whitehead Memo Revolutionizes Investment Banking, Establishes Investment Banking Services

In one of the firm's most important industry innovations, John C. Whitehead submits a memo to Sidney J. Weinberg outlining the establishment of Wall Street's first marketing arm for investment banking, later known as Investment Banking Services.

Clients , Innovation

Revolutionary Black-Scholes Option Pricing Model is Published by Fischer Black, Later a Partner at Goldman Sachs

Published in 1973, the Black-Scholes Option Pricing model brought a new quantitative approach to pricing options, helping fuel the growth of derivative investing.

Clients , Innovation

“Womenomics”: The Power of the Purse in Japan

The Japanese portfolio team within the Global Investment Research Division publishes “Womenomics: Buy the Female Economy,” launching a multiyear series of reports that cement “Womenomics” as part of the Japanese vernacular and a pillar of the country’s efforts to revive economic growth.

Clients , Innovation

With GS Research Report, "BRICs" Are Born

Goldman Sachs’ Global Investment Research Division publishes the report, "Build Better Global Economic BRICs," coining the acronym for the four countries that would reshape the world economy– Brazil, Russia, India and China.

Clients , Innovation

Marcus by Goldman Sachs Applies Technology to a Long Legacy of Bringing Financial Expertise to Clients

In 2016, Goldman Sachs launches Marcus by Goldman Sachs, an online platform offering personal unsecured loans and savings accounts to retail clients.

Clients , Innovation