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The Goldman Sachs Group
Type Public (NYSE: GS)
Founded 1869
Headqua
rters
New York, New York
Key peop
le
Lloyd Blankfein, Chairman & CEO
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
income
$9.54 Billion USD (2006)
Employe
es
30,335 (2006)
Slogan Our clients' interests always come
first.
Website www.gs.com
The Goldman Sachs Building is the tallest structure in New Jersey.
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.[1]
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
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
As of 2006, "The Firm" (a common nickname for the company[2])
employed 26,500 people worldwide. It reported earnings of
US$37.67 billion and record earnings per share of $19.69.[3] It was
reported that average total compensation per employee was
US$622,000 but that represents the mean and the median is much
less.[4] 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.
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 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.[5]
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 prominent fund is the GS Capital Parnters V fund, which
comprises over $8.5 billion of equity.[6]
[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, Pakistan, the
Philippines, Turkey and Vietnam.[7]
[edit] History
Goldman Sachs was founded in 1869 by Marcus Goldman.[8]
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.
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.[9] 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 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.[10]
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.[11] 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[12]
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 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 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 the public, with some 48% still held
by the partnership pool.[13] 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 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 alongside another competing
client.[14] Henry Paulson publicly chastised the investment bankers
for doing this.
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.[15]
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.[16] 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.[17]
Lehman Brothers
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Lehman Brothers
Type Public (NYSE: LEH)
Founded 1850
Headquart
ers
New York City
Key peopl
e
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 www.lehman.com
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)
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
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.
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 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.
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.
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 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 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 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, 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 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.
[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
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
Administrativ
e 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
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
Administrativ
e Officer
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
Chairman/Chi
ef 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)
Emanuel Lehman (1850-
1907)
Mayer Lehman (1850-1897)
Meyer H. Lehman (1880-
1904)
Sigmund M. Lehman (1882-
1908)
Philip Lehman (1885-1947)
Arthur Lehman (1901-1936)
Harold M. Lehman (1914-
1933)
Thomas Hitchcock, Jr.
(1937-1944)
Herbert H. Lehman (1908-
1928)
Edward J. Bermingham
(1936-1939)
Frederich L. Schuster
(1943-1948)
Arthur H. Bunker (1945-
1949)
Robert Lehman (1921-
1969)
Allan S. Lehman (1908-?)
John M. Hancock** (1924-?)
Monroe C. Gutman
(1927-?)
Paul Mazur (1927-?)
William J. Hammerslough
(1930-?)
John D. Hertz (1934-1961)
Joseph A. Thomas (1937-?)
John R. Fell (1940-?)
William S. Glazier (1940-?)
Frederick L. Ehrman
(1941-?)
Harold J. Szold (1941-?)
Philip Isles (1941-?)
Paul E. Manheim (1944-?)
Francis A. Callery (1950-?)
Herman H. Kahn (1950-?)
Morris Natelson (1950-
1972)
Jerome S. Katzin (1977-
1984)
Harvey M. Krueger (1977-
1984)
** First non-family member to be admitted to the partnership.
[edit] Principal Locations (first year of occupancy)
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)
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
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
New York,
(Global
Headquarters)
Atlanta, GA
Boston, MA
Chicago, IL
Dallas, TX
Denver, CO
Florham Park, NJ
Gaithersburg, MD
Hoboken, NJ
Houston, TX
Europe
London,
(Regional
Headquarters)
Amsterdam
Frankfurt
Luxembourg
Madrid
Milan
Paris
Rome
Tel Aviv
Asia Pacific
Tokyo,
(Regional
Headquarters)
Bangkok
Beijing
Hong Kong
Mumbai
Seoul
Singapore
Taiwan
Irvine, CA
Jersey City, NJ
Los Angeles, CA
Menlo Park, CA
Mexico City
Miami, FL
Montevideo
Newport Beach,
CA
New York, NY
Palm Beach, FL
Philadelphia, PA
Salt Lake City, UT
San Francisco, CA
San Juan, PR
Scottsbluff, NE
Seatlle, WA
Tampa, FL
Washington, DC
Wilmington, DE
Zurich
[edit] Notable current and former
employees
[edit] Business
Boris Adlam -
venture
capitalist
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
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.
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 U.S.
Committee in
NATO
James A.
Johnson - U.S.
Democratic
Party political
figure
John Kasich -
Member of
the U.S.
House of
Representativ
es (1983-
2001)
Herbert
Lehman -
Governor,
State of New
York (1933-
1942),
Member of
the United
States 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
Administratio
n
Felix G.
Rohatyn - U.S.
Ambassador
to 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
[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,
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
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