Realizing that quick and comprehensive action was needed, Goldman Sachs brought together investment banking and fixed income professionals who worked on Providian's behalf throughout much of 2002.

The team structured a series of complex transactions for Providian and executed them in difficult markets, including the sale of Providian's Master Trust and its credit card business in the United Kingdom.

Goldman Sachs also securitized and provided the equity to fund the sale of $2.4 billion of Providian's higher risk assets. Months of consistent and dedicated efforts led to a dramatic restructuring of Providian's balance sheet and improved its prospects.