1. Goldman Sachs
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The Goldman Sachs Group
Type Public (NYSE: GS)
Headquar New York, New York
2. Key peopl Lloyd Blankfein, Chairman & CEO
e Gary Cohn, President & COO
Jon Winkelried, President and COO
Suzanne M. Nora Johnson, Vice
David A. Viniar, CFO
Edward C. Forst, CAO
Gregory K. Palm, General Counsel
Esta E. Stecher, General Counsel
Kevin W. Kennedy, Head of Human
Alan M. Cohen, Global Head of
Industry Finance and Insurance
Products Investment Banking
Revenue $37.67 Billion USD (2006)
Net $9.54 Billion USD (2006)
Employee 30,335 (2006)
Slogan Our clients' interests always come first.
The Goldman Sachs Building is the tallest structure in New Jersey.
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
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.
• 1 Company Overview
4. • 2 Businesses
• 3 Predictions
• 4 History
• 5 Criticism and
• 6 See also
• 7 Other Notable Alumni
• 8 References
• 9 External links
 Company Overview
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
earnings per share of $19.69. It was reported that average total
compensation per employee was US$622,000 but that represents the mean
and the median is much less. The current Chief Executive Officer is Lloyd C.
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. 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
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. 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
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. prominent fund is the GS Capital Parnters V fund, which comprises over $8.5
billion of equity.
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,
Pakistan, the Philippines, Turkey and Vietnam.
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. 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,
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. 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
every issuer of commercial paper today by several credit rating services.
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
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
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. 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. 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
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
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. 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
 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
alongside another competing client. Henry Paulson publicly chastised the
investment bankers for doing this.
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
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
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
his personal account and for Goldman's account.
(Redirected from Lehman brothers)
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Type Public (NYSE: LEH)
Headquarte New York City
Key people Richard S. Fuld, Jr., Chairman & CEO
Joseph M. Gregory, President and
Industry Investment services
Products Financial Services
Revenue $32.420 billionUSD (2005)
Net income $3.36 Billion USD (2005)
Employees 23,000 (2006)
Slogan Where Vision Gets Built
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
• 1 History
1.1 Under the Lehman Family,
1.2 Into the Arms of a Giant
1.3 On Their Own Again (1994-
1.4 Recovery from Disaster
• 2 2003 SEC Litigation
• 3 Reference Information
3.1 Board of Directors
3.2 Senior Management
3.4 Principal Locations (first year of
3.5 Worldwide locations
• 4 Notable current and former employees
4.2 Politics and public service
• 5 External links
19. • 6 References
 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. 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. 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. 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. 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.
 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. 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.
 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. 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.
 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. on September 17, 2001, Lehman Brothers' sales and trading capabilities were
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. 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. attacks to allow employees to work from home has been expanded and
enhanced for general use throughout the firm.
 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.  Reference Information
 Board of Directors
• Richard S. Fuld,
• Michael L.
• John F. Akers
• Roger S.
• Thomas H.
• Sir Christopher
30. • Roland A.
• Dr. Henry
• John D.
 Senior Management
• Richard S. Fuld,
• Jasjit S. Bhattal,
• Scott J.
Global Head of
• David Goldfarb,
Global Head of
• Joseph M.
32. • Jeremy M.
• Theodore P.
• Stephen M.
• Ian T. Lowitt,
33. • Hugh E. McGee
III, Global Head
• Herbert H.
Global Head of
• Roger B.
• Thomas A.
• George H.
Global Head of
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. • 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)
• Harvey M. Krueger
• Arthur H. Bunker (1945-1949)
• Robert Lehman (1921-1969)
• Allan S. Lehman (1908-?)
• John M. Hancock** (1924-?)
** First non-family member to be admitted to the partnership.
 Principal Locations (first year of occupancy)
36. • 17 Court
• 119 Liberty
York, NY (1858)
• 176 Fulton
• 133-35 Pearl
York, NY (1867)
• 40 Exchange
York, NY (1876)
37. • The Farmers
Loan & Trust
New York, NY
• One William
York, NY (1928)
• 55 Water
York, NY (1980)
• 3 World
38. • 745 Seventh
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.
 Worldwide locations
Americas Europe Asia Pacific
• New York, (Global • London, • Tokyo,
Headquarters) (Regional (Regional
• Atlanta, GA
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
• Houston, TX • Tel Aviv
• Irvine, CA
• Jersey City, NJ
• Los Angeles, CA
• Menlo Park, CA
• Mexico City
• Miami, FL
• Newport Beach, CA
• New York, NY
• Palm Beach, FL
40. • Philadelphia, PA
• Salt Lake City, UT
• San Francisco, CA
• San Juan, PR
• Scottsbluff, NE
• Seatlle, WA
• Tampa, FL
• Washington, DC
• Wilmington, DE
 Notable current and former
• Boris Adlam -
41. • Joaquin Avila -
director of the
• Louis Bacon -
• Pete Dawkins -
• John D. Hertz -
owner of The
• Ejovi Nuwere -
42. • Peter Schiff -
• Stephen A.
Officer and co-
founder of the
• David Swensen
officer of Yale
 Politics and public service
• Jeffrey Garten -
• Ernest Green -
member of the
• Bruce Jackson -
president of the
44. U.S. Committee
• James A.
Johnson - U.S.
• John Kasich -
Member of the
U.S. House of
of New York
Member of the
• Peter George
Peterson - U.S.
• Steve Preston -
the U.S. Small
• Felix G.
Rohatyn - U.S.
• James R.
Director of the
47.  Other
• Andrew Gowers
- editor of the
• Jack H. Jacobs
- Medal of
wife of U.S.
• Kenneth Lipper
- hedge fund
deputy mayor of
New York City,
• Andrew Morton-
• Robert L. "Nob"