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Goldman Sachs.doc

  1. 1. Goldman Sachs From Wiki pedi a, the free ency clop edia Jump to: navigation, search The Goldman Sachs Group Type Public (NYSE: GS) Founded 1869 Headquar New York, New York ters
  2. 2. Key peopl Lloyd Blankfein, Chairman & CEO e Gary Cohn, President & COO Jon Winkelried, President and COO Suzanne M. Nora Johnson, Vice Chairman David A. Viniar, CFO Edward C. Forst, CAO Gregory K. Palm, General Counsel Esta E. Stecher, General Counsel Kevin W. Kennedy, Head of Human Capital Management Alan M. Cohen, Global Head of Compliance Industry Finance and Insurance Products Investment Banking Revenue $37.67 Billion USD (2006) Net $9.54 Billion USD (2006) income Employee 30,335 (2006) s Slogan Our clients' interests always come first. Website The Goldman Sachs Building is the tallest structure in New Jersey.
  3. 3. The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is the world's most prestigious global investment bank. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of [1] New York City at 85 Broad Street. Goldman Sachs has offices in leading financial centers such as New York City, Chicago, Los Angeles, San Francisco, Frankfurt, Zürich, Paris, London, Bangalore, Mumbai, Hong Kong, Singapore, Milan, Sydney, Tokyo and Toronto. Goldman Sachs acts as a financial adviser to some of the most important companies, largest governments, and wealthiest families in the world. It is a primary dealer in the U.S. Treasury securities market. Goldman Sachs offers its clients mergers & acquisitions advisory, provides underwriting services, engages in proprietary trading, invests in private equity deals, and also manages the wealth of affluent individuals and families. Contents [hide] • 1 Company Overview
  4. 4. • 2 Businesses • 3 Predictions • 4 History • 5 Criticism and Controversy • 6 See also o 6.1 Competitors • 7 Other Notable Alumni • 8 References • 9 External links o 9.1 Data o 9.2 Litigation [edit] Company Overview [2] As of 2006, "The Firm" (a common nickname for the company ) employed 26,500 people worldwide. It reported earnings of US$37.67 billion and record [3] earnings per share of $19.69. It was reported that average total compensation per employee was US$622,000 but that represents the mean
  5. 5. [4] and the median is much less. The current Chief Executive Officer is Lloyd C. Blankfein. [edit] Businesses Goldman Sachs is divided into three core businesses (segments): Investment Banking, Trading; and Asset Management and Securities Services. Investment Banking is divided into two divisions and includes Financial Advisory (mergers and acquisitions, investitures, corporate defense activities, restructurings and spin-offs) and Underwriting (public offerings and private placements of equity, equity-related and debt instruments). Goldman Sachs is one of the leading investment banks, appearing in league tables. In mergers and acquisitions, it gained fame historically by advising clients on how to avoid hostile takeovers. Goldman Sachs, for a long time during the 1980s, was the only major investment bank with a strict policy against helping to initiate a hostile takeover, which increased Goldman's reputation immensely. This segment accounts for around 15 percent of Goldman Sach's revenues.
  6. 6. Trading and Principal Investments is the largest of the three core segments, and is the company's profit center. The segment is divided into three divisions and includes Fixed Income, Currency and Commodities (trading in interest rate and credit products, mortgage-backed securities and loans, currencies and commodities, structured and derivative products), Equities (trading in equities, equity-related products, equity derivatives, structured products and executing client trades in equities, options, and Futures contracts on world markets), and Principal Investments (merchant banking investments and funds). This segment consists of the revenues and profit gained from the Bank's trading activities, both on behalf of its clients (known as flow trading) and for its own account (known as proprietary trading). Most trading done by Goldman is not speculative, but rather an attempt to profit from bid-ask spreads in the process of acting as a market maker. Around 65 percent of Goldman's revenues and profits are derived from this area. Upon its IPO, Goldman predicted that this segment would not grow as fast as its Investment Banking division and would be responsible for a shrinking proportion of earnings. The opposite has been true, however, and
  7. 7. resulted in Lloyd Blankfein's appointment to President and Chief Operating Officer after John Thain's departure to run the NYSE and John L. Thornton's departure for an academic position in China. Asset Management and Securities Services is a rapidly growing business for Goldman as it gains market share. It is divided into two divisions, and includes Asset Management which provides large institutions and very wealthy individuals with investment advisory, financial planning services, and the management of mutual funds, as well as the so-called alternative investments (hedge funds, funds of funds, real estate funds, and private equity funds). The Securities Services division provides prime brokerage, financing services, and securities lending to mutual funds, hedge funds, pension funds, foundations, and high-net-worth individuals. This segment accounts for around 19 percent of Goldman's earnings. As of 2006, the Goldman Sachs Asset Management hedge fund is the largest in the United [5] States with $29.5 billion under management. GS Capital Partners is the private equity arm of Goldman Sachs. It has invested over $17 billion in the 20 years from 1986 to 2006. The most
  8. 8. prominent fund is the GS Capital Parnters V fund, which comprises over $8.5 [6] billion of equity. [edit] Predictions In December 2005, four years after its report on the emerging "BRIC" economies (Brazil, Russia, India, and China), Goldman Sachs named its "Next Eleven" list of countries, using macroeconomic stability, political maturity, openness of trade and investment policies and quality of education as criteria: Bangladesh, Egypt, Indonesia, Iran, South Korea, Mexico, Nigeria, [7] Pakistan, the Philippines, Turkey and Vietnam. [edit] History [8] Goldman Sachs was founded in 1869 by Marcus Goldman. Goldman made a name for itself pioneering the use of commercial paper for entrepreneurs and was invited to join the New York Stock Exchange in 1896. It was during this time that Goldman's son-in-law Samuel Sachs joined the firm which prompted the name change to Goldman Sachs.
  9. 9. In the early 20th Century, Goldman was a major player in establishing the Initial Public Offering market. It managed one of the largest IPO's to date, that of Sears Roebuck in 1906. It also became one of the first companies to heavily recruit those with MBA degrees from leading Business Schools, a practice that still continues today. In 1929, it launched the Goldman Sachs Trading Co. which later was described as a Ponzi Scheme that, when it failed, [9] was a contributing factor to the Stock Market Crash of 1929. This ruined the firm's reputation for decades afterward. In 1930, Sidney Weinberg assumed the role of Senior Partner and shifted Goldman's focus away from Trading and towards Investment Banking. It was Weinberg's actions that helped to restore some of Goldman's tarnished reputation. On the back of Weinberg, Goldman was lead advisor on the Ford Motor Company's IPO in 1956, which at the time was a major coup on Wall Street. Under Weinberg's reign the Firm also started an Investment Research division and a Municipal Bond department. It also was at this time that the firm became an early innovator in Risk Arbitrage. Gus Levy joined the firm in the 1950's as a well known securities trader, which started a trend at Goldman where there would be two powers generally vie for
  10. 10. supremacy, one from investment banking and one from securities trading. For most of the 1950's and 1960's, this would be Weinberg and Levy. Levy was a pioneer in block trading and the firm established this trend under his guidance. Due to Weinberg's heavy influence at the firm, it formed an Investment Banking Division in 1956 in an attempt to spread around influence and not focus it all on Weinberg. In 1969, Levy took over as Senior Partner from Weinberg, and built Goldman's trading franchise once again. It is Levy who is credited with Goldman's famous philosophy of being "long term greedy," which implies that as long as money is made over the long term, trading losses in the short term are not to be worried about. That same year, Weinberg retired from the firm. Another financial crisis for the firm occurred in 1970, when the Penn Central Railroad Company went bankrupt with over $80 million in commercial paper outstanding, most of it issued by Goldman Sachs. The bankruptcy was large, and the resulting lawsuits threatened the partnership capital and life of the firm. It was this bankruptcy that resulted in credit ratings being created for [10] every issuer of commercial paper today by several credit rating services.
  11. 11. During the 1970s, the firm also expanded in several ways. Under the direction of Senior Partner Stanley R. Miller, it opened its first international office in London in 1970, and created a Private Wealth division along with a Fixed Income division in 1972. It also pioneered the "White Knight" strategy in 1974 during its attempts to defend Electric Storage Battery against a hostile [11] takeover bid from International Nickel and Goldman's rival Morgan Stanley. This action would boost the firm's reputation as an investment adviser because it pledged to no longer participate in hostile takeovers. John Weinberg (the son of Sidney Weinberg), and John C. Whitehead assumed roles of Co-Senior Partners in 1976, once again emphasizing the co-leadership at the firm. One of their most famous initiatives was the [12] establishment of the 14 Business Principles that are still used to this day. In the 1980s, the firm made a major move by acquiring J. Aron & Company, a commodities trading firm which merged with the Fixed Income division to become known as Fixed Income, Currencies, and Commodities. J. Aron was a major player in the coffee and gold markets, and the current CEO of Goldman, Lloyd Blankfein, joined the firm as a result of this merger. In 1985 it underwrote the public offering of the Real Estate Investment Trust that owned
  12. 12. Rockefeller Center, then the largest REIT offering in history. In accordance with the beginning of the collapse of the Soviet Union, the firm also became largely involved in facilitating the global privatization movement by advising companies that were spinning off from their parent governments. In 1986, the firm formed Goldman Sachs Asset Management, which manages the majority of its mutual funds and hedge funds today, and it also underwrote the IPO of Microsoft. It also advised General Electric on its acquisition of RCA and joined the London and Tokyo stock exchanges that same year. In 1986 Goldman was the first United States bank to rank in the top 10 of Mergers and Acquisitions in the United Kingdom. During the 1980s the firm also became the first bank to distribute its investment research electronically and created the first public offering of original issue deep-discount bond. Robert Rubin and Stephen Friedman assumed the Co-Senior Partnership in 1990 and pledged to focus on globalization of the firm and strengthening the Merger & Acquisition and Trading business lines. During their reign, the firm introduced paperless trading to the New York Stock exchange and lead- managed the first-ever global debt offering by a U.S. corporation. It also launched the Goldman Sachs Commodity Index (GSCI) and opened a Beijing
  13. 13. office in 1994. It was this same year that Jon Corzine assumed leadership of the firm following the departure of Rubin and Friedman. The firm joined David Rockefeller and partners in a 50-50 join ownership of Rockefeller Center during 1994, but later sold the shares to Tishman Speyer in 2000. In 1996, Goldman was lead underwriter of the Yahoo! IPO and in 1998 it was global coordinator of the NTT DoCoMo IPO. In 1999, Henry Paulson took over as Senior Partner. One of the largest events in the firm's history was its own IPO in 1999. The decision to go public was a tough one that the partners debated for decades. In the end, Goldman decided to offer only a small portion of the company to [13] the public, with some 48% still held by the partnership pool. 22% of the company is held by non-partner employees, and 18% is held by retired Goldman partners and two longtime investors, Sumitomo Bank Ltd. and Hawaii's Kamehameha Activities Assn. This leaves approximately 12% of the company as being held by the public. Henry Paulson became Chairman and Chief Executive Officer of the firm. More recently, the firm has been busy both in Investment Banking and in Trading activities. It purchased Spear, Leeds, & Kellogg, one of the largest
  14. 14. specialist firms on the New York Stock Exchange. It also advised on a landmark debt offering for the Government of China and the first electronic offering for the World Bank. It merged with JBWere, the Australian investment bank and expanded its investments in companies to include Burger King, McJunkin Corporation, and in January 2007, Alliance Atlantis alongside CanWest Global Communications to own sole broadcast rights to the CSI franchise. In May 2006, Henry Paulson left the firm to serve as U.S. Treasury Secretary, and Lloyd Blankfein was promoted to Chairman and Chief Executive Officer. [edit] Criticism and Controversy The firm has been criticized over time for several policies that it followed. Most recently Goldman created a controversy in London where it found itself on competitive sides of a leveraged buyout. The Investment Banking Division advised one client on the buyout while also offering to invest firm capital [14] alongside another competing client. Henry Paulson publicly chastised the investment bankers for doing this.
  15. 15. In 2005, the firm advised both the New York Stock Exchange and Archipelago, which owns an electronic trading platform, in merger talks. A lot of controversy surrounded the deal as John Thain, who heads the New York [15] Stock Exchange was a former Goldman Sachs Executive. The firm has also been the subject of scrutiny over the criminal convictions of several of its employees. David Brown was convicted for passing inside [16] information to Ivan Boesky on a takeover deal in 1986. Robert Freeman, who was a senior Partner, the Head of Risk Arbitrage, and a protegé of Robert Rubin, was also convicted for trading on inside information, both for [17] his personal account and for Goldman's account. Lehman Brothers From Wiki pedi a, the free
  16. 16. ency clop edia (Redirected from Lehman brothers) Jump to: navigation, search Lehman Brothers Type Public (NYSE: LEH) Founded 1850 Headquarte New York City rs Key people Richard S. Fuld, Jr., Chairman & CEO Joseph M. Gregory, President and COO Industry Investment services Products Financial Services Investment Banking Investment management Revenue $32.420 billionUSD (2005) Net income $3.36 Billion USD (2005) Employees 23,000 (2006) Slogan Where Vision Gets Built Website
  17. 17. Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. It is a primary dealer in the U.S. Treasury securities market. Its primary subsidiaries include: Lehman Brothers Inc., Neuberger Berman Inc., Aurora Loan Services, Inc., SIB Mortgage Corporation, Lehman Brothers Bank, FSB, BNC Mortgage, Inc., and the Crossroads Group. The Firm's worldwide headquarters are in New York City, with regional headquarters in London and Tokyo and offices throughout the world. Contents [hide] • 1 History o 1.1 Under the Lehman Family, 1850-1969 o 1.2 Into the Arms of a Giant (1969-1994)
  18. 18. o 1.3 On Their Own Again (1994- present) o 1.4 Recovery from Disaster (9/11/2001) • 2 2003 SEC Litigation • 3 Reference Information o 3.1 Board of Directors o 3.2 Senior Management o 3.3 Partners o 3.4 Principal Locations (first year of occupancy) o 3.5 Worldwide locations • 4 Notable current and former employees o 4.1 Business o 4.2 Politics and public service o 4.3 Other • 5 External links o 5.1 History
  19. 19. • 6 References [edit] History [edit] Under the Lehman Family, 1850-1969 In 1844, twenty-three year old Henry Lehman emigrated from Rimpar, Germany to the United States, settling in Montgomery, Alabama, where he opened a dry goods store, simply titled "H. Lehman". Following Henry to the United States were brothers Emanuel in 1847 and Meyer, youngest of the three brothers, in 1850. In the 1850's Southern United States, "cotton was king"; one of the most important, if not the most, important crops in the country and before long the three brothers were routinely accepting raw cotton from customers as payment for merchandise. Before long they developed a successful second business trading in cotton, that within a few years grew to become the most significant part of their operation. Following Henry's untimely death from yellow fever in 1855, the remaining brothers continued to focus on their commodities trading and brokerage operations.
  20. 20. By 1858, as the brothers witnessed the shift in cotton's center from the South to New York City, where factors and commission houses were based, Lehman Brothers opened its first branch office there, at 119 Liberty Street. Thirty-two year old Emanuel relocated to New York to run the office. In 1862, they teamed up with a prosperous cotton merchant named John Durr to form Lehman, Durr & Co. Following the American Civil War, the company helped finance Alabama's reconstruction. Soon, the Lehmans moved their headquarters to New York City where they helped found the New York Cotton Exchange in 1870; Emanuel would sit on the Board of Governors without interruption until 1884. The Firm also dealt in the emerging market for railroad bonds, and entered the financial advisory business. Lehman Brothers became members of the Coffee Exchange as early as 1883 and finally the New York Stock Exchange in 1887. The firm also began to develop international interests in Europe and Japan, as well as expertise in merchant banking. In 1899 they underwrote their first public offering, the preferred and common stock of the International Steam Pump Company. Despite the 1899 offering of International Steam, the Firm's real shift from being a commodities house to a house of issue did not begin until 1906. The
  21. 21. Firm was among the first to recognize the potential of issuing stock as a way for companies to raise capital, in contrast to the issuance of debt, which had historically been the method. In that year, under the guidance of Philip Lehman, the Firm partnered with Goldman, Sachs & Co., to bring the General Cigar Co. to market, followed closely by Sears, Roebuck & Company. During the following two decades, almost one hundred new issues were underwritten by Lehman Brothers, many times in conjunction with Goldman, Sachs. Among these were F.W. Woolworth Company, May Department Stores Company, Gimbel Brothers, Inc., R.H. Macy & Company, The Studebaker Corporation, The B.F. Goodrich Co. and Endicott Johnson Corporation Following Philip Lehman's retirement in 1925, his son Robert "Bobbie" Lehman took over as head of the firm. Under his leadership, Lehman Brothers' rise to pre-eminence among New York investment firms began. The company weathered the capital crisis of the Great Depression by focusing on helping private funders and companies connect, while the equities market recovered. This was the foundation of today's venture capital industry. By 1928, the Firm had outgrown its premises in the Farmers Loan & Trust Building and moved to its now famous One William Street location.
  22. 22. In 1929, the Firm created the Lehman Corporation, an investment company, wholly separate from Lehman Brothers, but with many common officers and directors. Years later, the Firm would characterize its first foray into asset management, via the Lehman Corporation, as "the most important single chapter in its history". In the 1930s, Lehman Brothers underwrote the initial public offering (IPO) of the first television manufacturer, DuMont and helped fund the Radio Corporation of America (RCA). They also helped found the emerging oil industry, including the companies Halliburton and Kerr-McGee. In the 1950s, Lehman Brothers underwrote the IPO of Digital Equipment Corporation. Later, they would arrange the acquisition of Digital by Compaq. Robert Lehman also recognized that in order for the Firm to prosper and grow, it needed to look beyond family members as potential partners and look to the outside world. With that revelation, in 1924, John M. Hancock became the first non-family member to become a partner, followed by Monroe C. Gutman and Paul Mazur in 1927.
  23. 23. Robert Lehman died in 1969 and since that time, no member of the Lehman family has led the company. Robert's death left a void in the company, which coupled with a difficult economic environment, brought hard times to the Firm. In 1973, Pete Peterson, Chairman and Chief Executive Officer of the Bell & Howell Corporation, was brought in to save the Firm. [edit] Into the Arms of a Giant (1969-1994) Under Peterson's leadership as Chairman and CEO, the Firm acquired Abraham & Co. in 1975, and two years later merged with the venerable, but struggling, Kuhn, Loeb & Co., to form Lehman Brothers, Kuhn, Loeb Inc. Peterson led the Firm from significant operating losses to five consecutive years of record profits with a return on equity among the highest in the investment banking industry. Notwithstanding the Firm's success, hostilities between the Firm's investment bankers and traders (who were driving most of the Firm's profits) was becoming palpable. In response, in May 1983, Peterson promoted Lewis Glucksman, the Firm's President, COO and former trader, to be his co-CEO. Glucksman introduced changes in personnel, and in the determination of
  24. 24. bonuses and partnership interests. These measures had the effect of increasing tensions, which when coupled with Glucksman’s management style and a downturn in the markets, created a bitter struggle for power in which Glucksman prevailed and Peterson was ousted, leaving Glucksman as the sole CEO. Upset bankers, who had soured over the power struggle, left the company. Steve Schwarzman, chairman of the firm's M&A committee, recalled in a February 2003 interview with Private Equity International that "Lehman Brothers had an extremely competitive internal environment, which ultimately became dysfunctional." The company suffered under the disintegration, and Glucksman was pressured into selling the Firm to American Express in 1984, for $360 million. On May 11, the combined firms became Shearson Lehman/American Express. In 1988, Shearson Lehman/American Express and E.F. Hutton & Co. merged as Shearson Lehman Hutton Inc. [edit] On Their Own Again (1994-present) In 1993, under newly appointed CEO, Harvey Golub, American Express began to divest itself of its banking and brokerage operations. It sold its retail
  25. 25. brokerage and asset management operations to Primerica and in 1994 it spun off Lehman Brothers Kuhn Loeb in an initial public offering, as Lehman Brothers Holdings Inc. Lehman Brothers Holdings Inc's. common stock commenced trading on the New York & Pacific stock exchanges, under the ticker symbol "LEH". Following their 1994 IPO, the company was repeatedly subject to rumors that it would be acquired; rumors the company regularly denied. Indeed, under the leadership of the Firm's CEO, Richard S. Fuld, Jr., the firm has prospered, growing well beyond its initial strength in fixed income trading and research. [edit] Recovery from Disaster (9/11/2001) On September 11, 2001, Lehman Brothers occupied three floors of 1 WTC where one employee was killed. Its global headquarters in Three World Financial Center were severely damaged and rendered unusable by falling debris, displacing over 6,500 employees. The bank recovered quickly and rebuilt its presence. Trading operations moved across the Hudson River to its Jersey City facilities, where an impromptu trading floor was built and brought online less than forty-eight hours after the attacks. When markets reopened
  26. 26. on September 17, 2001, Lehman Brothers' sales and trading capabilities were restored. In the ensuing months, Lehman Brothers fanned out its operations across the New York City metropolitan area in over forty temporary locations. Notably, the investment banking division converted the first floor lounges, restaurants, and all 665 guestrooms of the Sheraton Manhattan Hotel into office space. The bank also experimented with flextime (to share office space) and telecommuting via virtual private networking. In October of 2001, Lehman Brothers purchased a just-built 32-story facility from rival Morgan Stanley for a reported sum of $700 million. Morgan Stanley's world headquarters was located two blocks away at 1585 Broadway, and in the wake of the attacks, was re-evaluating its office plans which would have put over 10,000 employees in the Times Square area. Lehman Brothers began moving into the new facility in January and concluded in March 2002, a move that significantly boosted morale throughout the firm. Lehman Brothers was criticized for not moving back to its former headquarters in lower Manhattan. Following the attacks, only Deutsche Bank, Goldman Sachs, and Merrill Lynch remained in the area. The firm, however,
  27. 27. points to the fact that it was committed to remaining in New York City, that the new headquarters presented an ideal circumstance where Lehman Brothers was desperate to buy and Morgan Stanley was desperate to sell, that when the new building was purchased, the structural integrity of Three World Financial Center had not yet been given a clean bill of health, and that in any case, the company could not have waited until May 2002 for repairs to Three World Financial Center to conclude. After the attacks, Lehman Brothers' management placed increased emphasis on business continuity planning. Unlike its rivals, Lehman Brothers was unusually concentrated for a bulge bracket investment bank. For example, Morgan Stanley maintains a 750,000-square foot trading and banking facility in Westchester County, NY. The trading floor of UBS is located in Stamford, CT. Merrill Lynch's asset management division is located in Plainsboro, NJ. Aside from its headquarters in Three World Financial Center, Lehman Brothers maintained operations and backoffice facilities in Jersey City, space that the firm considered leaving prior to 9/11. The space was not only retained, but expanded, including the construction of backup trading facility. In addition, telecommuting technology first rolled out in the days following the
  28. 28. attacks to allow employees to work from home has been expanded and enhanced for general use throughout the firm. [edit] 2003 SEC Litigation In 2003, Lehman Brothers was one of ten firms which simultaneously entered into a settlement with the U.S. Securities and Exchange Commission (SEC), the Office of the New York State Attorney General and various other securities regulators, regarding undue influence over the each firms research analysts by their investment banking divisions. Specifically, regulators alleged that the firms had: improperly associated analyst compensation with the firms' investment banking revenues; and, promised favorable, market-moving, research coverage, in exchange for underwriting opportunities. The settlement, known as the “global settlement”, provided for total financial penalties of $1.4 billion, including $80 million against Lehman Brothers, and structural reforms, including, a complete separation of investment banking departments from research departments, no analyst compensation, directly or indirectly, from investment banking revenues, and the provision of free, independent, third-party, research to the firms' clients.
  29. 29. [edit] Reference Information [edit] Board of Directors • Richard S. Fuld, Jr., Chairman and Chief Executive Officer • Michael L. Ainslie • John F. Akers • Roger S. Berlind • Thomas H. Cruikshank • Marsha Johnson Evans • Sir Christopher Gent
  30. 30. • Roland A. Hernandez • Dr. Henry Kaufman • John D. Macomber [edit] Senior Management • Richard S. Fuld, Jr., Chairman and Chief Executive Officer • Jasjit S. Bhattal, Chief Executive Officer, Asia • Scott J. Freidheim, Co- Chief
  31. 31. Administrative Officer • Michael Gelband, Global Head of Fixed Income • David Goldfarb, Global Head of Strategic Partnerships, Principal Investing and Risk • Joseph M. Gregory, President and Chief Operating Officer
  32. 32. • Jeremy M. Isaacs, Chief Executive Officer, Europe & Asia • Theodore P. Janulis, Global Head of Mortgage Capital • Stephen M. Lessing, Head of Client Relationship Management • Ian T. Lowitt, Co-Chief Administrative Officer
  33. 33. • Hugh E. McGee III, Global Head of Investment Banking • Herbert H. McDade III, Global Head of Equities • Roger B. Nagioff, Chief Operating Officer, Europe • Christopher O'Meara, Chief Financial Officer • Thomas A. Russo, Vice
  34. 34. Chairman/Chief Legal Officer • George H. Walker, IV, Global Head of Investment Management [edit] Partners At 134 years old, the 72 partners of Lehman Brothers formed Wall Street's oldest partnership when it was acquired by American Express in 1984. Listed below, is a partial list of the firm's partners. • Henry Lehman (1850-1855) • Monroe C. Gutman (1927-?) • Emanuel Lehman (1850-1907) • Paul Mazur (1927-?) • Mayer Lehman (1850-1897) • William J. Hammerslough • Meyer H. Lehman (1880-1904) (1930-?) • Sigmund M. Lehman • John D. Hertz (1934-1961) (1882-1908) • Joseph A. Thomas (1937-?)
  35. 35. • Philip Lehman (1885-1947) • John R. Fell (1940-?) • Arthur Lehman (1901-1936) • William S. Glazier (1940-?) • Harold M. Lehman (1914-1933) • Frederick L. Ehrman (1941-?) • Thomas Hitchcock, Jr. • Harold J. Szold (1941-?) (1937-1944) • Philip Isles (1941-?) • Herbert H. Lehman • Paul E. Manheim (1944-?) (1908-1928) • Francis A. Callery (1950-?) • Edward J. Bermingham • Herman H. Kahn (1950-?) (1936-1939) • Morris Natelson (1950-1972) • Frederich L. Schuster • Jerome S. Katzin (1977-1984) (1943-1948) • Harvey M. Krueger • Arthur H. Bunker (1945-1949) (1977-1984) • Robert Lehman (1921-1969) • Allan S. Lehman (1908-?) • John M. Hancock** (1924-?) ** First non-family member to be admitted to the partnership. [edit] Principal Locations (first year of occupancy)
  36. 36. • 17 Court Square, Montgomery, Alabama (1847)* • 119 Liberty Street, New York, NY (1858) • 176 Fulton Street, New York, NY (1865-1866?) • 133-35 Pearl Street, New York, NY (1867) • 40 Exchange Place, New York, NY (1876)
  37. 37. • The Farmers Loan & Trust Company Building, 16 William Street, New York, NY (1892) • One William Street, New York, NY (1928) ** • 55 Water Street, New York, NY (1980) *** • 3 World Financial Center, New York, NY
  38. 38. • 745 Seventh Avenue, New York, NY (2002) * Henry Lehman established his first store location on Commerce Street, in Montgomery, in 1845. In 1848, one year after Emanuel's arrival, the brothers moved "H. Lehman & Bro." to 17 Court Square, where it remained when Mayer arrived in 1850, forming "Lehman Brothers". ** Designated as a landmark by the New York City Landmarks Preservation Committee in 1996. *** Sales and trading personnel had been in this location since 1977, when they were joined by the firm's investment bankers and brokers. [edit] Worldwide locations Americas Europe Asia Pacific • New York, (Global • London, • Tokyo, Headquarters) (Regional (Regional Headquarters) Headquarters) • Atlanta, GA
  39. 39. • Boston, MA • Amsterdam • Bangkok • Chicago, IL • Frankfurt • Beijing • Dallas, TX • Luxembourg • Hong Kong • Denver, CO • Madrid • Mumbai • Florham Park, NJ • Milan • Seoul • Gaithersburg, MD • Paris • Singapore • Hoboken, NJ • Rome • Taiwan • Houston, TX • Tel Aviv • Irvine, CA • Zurich • Jersey City, NJ • Los Angeles, CA • Menlo Park, CA • Mexico City • Miami, FL • Montevideo • Newport Beach, CA • New York, NY • Palm Beach, FL
  40. 40. • Philadelphia, PA • Salt Lake City, UT • San Francisco, CA • San Juan, PR • Scottsbluff, NE • Seatlle, WA • Tampa, FL • Washington, DC • Wilmington, DE [edit] Notable current and former employees [edit] Business • Boris Adlam - venture capitalist
  41. 41. • Joaquin Avila - managing director of the Carlyle Group • Louis Bacon - hedge fund manager • Pete Dawkins - Citigroup executive • John D. Hertz - owner of The Hertz Corporation • Ejovi Nuwere - entrepreneur • Jeffrey Peterson - entrepreneur
  42. 42. • Peter Schiff - financial analyst • Stephen A. Schwarzman, Chief Executive Officer and co- founder of the Blackstone Group. • David Swensen - chief investment officer of Yale University [edit] Politics and public service • Jeffrey Garten - economist, U.S.
  43. 43. presidential advisor • Ernest Green - member of the Little Rock Nine, Assistant Secretary of Labor (1977-1981) • Richard Holbrooke - U.S. Ambassador to the United Nations (1999-2001) • Bruce Jackson - president of the
  44. 44. U.S. Committee in NATO • James A. Johnson - U.S. Democratic Party political figure • John Kasich - Member of the U.S. House of Representative s (1983-2001) • Herbert Lehman - Governor, State of New York (1933-1942), Member of the United States
  45. 45. Senate (1949-1957) • Peter George Peterson - U.S. Secretary of Commerce (1972-73), co- founder, the Blackstone Group • Steve Preston - Administrator of the U.S. Small Business Administration • Felix G. Rohatyn - U.S. Ambassador to
  46. 46. France (1997-2000) • James R. Schlesinger - Director of the CIA (1973), U.S. Secretary of Defence (1973-75), U.S. Secretary of Energy (1977-79) • Kathleen Kennedy Townsend - former Lieutenant Governor of Maryland
  47. 47. [edit] Other • Andrew Gowers - editor of the Financial Times • Jack H. Jacobs - Medal of Honor recipient • Hadassah Lieberman - wife of U.S. Senator Joe Lieberman • Kenneth Lipper - hedge fund manager, deputy mayor of New York City, novelist,
  48. 48. screenwriter, and academic • Andrew Morton- academic, currently head of European Fixed Income Division, cf Heath-Jarrow- Morton framework • Robert L. "Nob" Rauch - ultimate frisbee administrator