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Monday Business | BRIEFLY / INVESTMENT BANKING

Goldman, Sachs Endorses IPO, Sources Say

June 15, 1998|Washington Post

A majority of partners at Wall Street powerhouse Goldman, Sachs & Co. has endorsed a proposal to sell shares of the firm to the public, sources said. The decision virtually assures that Wall Street's last major private firm will hold what could be one of the largest stock offerings in U.S. history this year. A stock offering would allow the company to bolster its capital base and better compete in the global financial-services industry. It also would make hundreds of people at Goldman extraordinarily rich. Senior partners could reap $100 million or more in cash, stock and options, analysts said. An announcement about the company's plans is expected today.

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