Goldman Sachs vs Morgan Stanley: Founders, CEOs and History

Company facts

Founders

CEOs and their tenures

Timeline: Goldman Sachs and Morgan Stanley side by side

1. 1869Goldman Sachs

   Marcus Goldman Founds the Firm

   Marcus Goldman founded the firm in New York in 1869 as a commercial paper business. The early operation helped merchants turn short-term receivables into cash by selling notes to investors.

2. 1882Goldman Sachs

   Samuel Sachs Joins the Partnership

   Samuel Sachs joined the business in 1882, bringing family continuity, capital, and broader relationships. His arrival helped transform Marcus Goldman's one-man brokerage into a more durable partnership.

3. 1896Goldman Sachs

   New York Stock Exchange Membership

   Goldman Sachs joined the New York Stock Exchange in 1896. Membership gave the firm legitimacy inside organized securities markets and helped it move beyond commercial paper. It mattered because corporate finance was shifting toward public securities issuance.

4. 1906Goldman Sachs

   Sears IPO Establishes Investment Banking Franchise

   Goldman Sachs helped underwrite the Sears, Roebuck and Co. IPO in 1906. The transaction showed that the firm could handle important corporate securities offerings, not only short-term merchant finance.

5. 1929Goldman Sachs

   Crash and Reputation Damage

   The 1929 market crash badly damaged Goldman through the Goldman Sachs Trading Corporation episode and the collapse in valuation support.

6. 1935Morgan Stanley

   Morgan Stanley Founded

   Henry S. Morgan and Harold Stanley officially launch the top investment bank following the historic Glass-Steagall split.

7. 1996Morgan Stanley

   Acquired Van Kampen American Capital

   Morgan Stanley acquired Van Kampen American Capital in 1996.

8. 1997Morgan Stanley

   Merged with Dean Witter Discover & Co

   Morgan Stanley merged with Dean Witter Discover & Co in February 1997.

9. 1999Goldman Sachs

   Goldman Sachs Goes Public

   Goldman Sachs completed its initial public offering in 1999 under Henry Paulson's leadership. Going public gave the firm permanent capital and acquisition currency, but it also changed the partnership culture by adding public shareholders.

10. 2006Goldman Sachs

    Lloyd Blankfein Becomes CEO

    Lloyd Blankfein became CEO in 2006, just before the financial crisis changed Wall Street. His markets background shaped Goldman during a period when trading, risk management, liquidity, and counterparty confidence were decisive.

11. 2008Goldman Sachs

    Goldman Becomes a Bank Holding Company

    In 2008, Goldman converted from a standalone investment bank into a bank holding company. The move gave it access to Federal Reserve liquidity and signaled a willingness to accept stricter oversight to protect the franchise.

12. 2008Morgan Stanley

    Bank Holding Company Conversion

    Facing total catastrophic collapse, the firm converts into a traditional bank holding company to survive the global financial crisis.

13. 2009Morgan Stanley

    The Smith Barney Acquisition

    then-CEO James Gorman masterminds the acquisition of Smith Barney, instantly creating a dominant retail wealth management leader.

14. 2010Goldman Sachs

    Abacus Settlement

    Goldman settled the SEC's Abacus mortgage securities case in 2010 for $550 million. The case centered on disclosure and conflicts in a mortgage-linked product during the subprime crisis.

15. 2016Goldman Sachs

    Marcus Digital Bank Launches

    Goldman launched Marcus in 2016 to enter digital consumer banking with online savings and personal loans. The launch mattered because it was a major attempt to diversify beyond institutional clients and trading cycles.

16. 2018Goldman Sachs

    David Solomon Becomes CEO

    David Solomon became CEO in 2018 and inherited both a powerful institutional franchise and a growing consumer-banking experiment. He pushed for a more diversified revenue base through asset management, wealth, transaction banking, and platform businesses.

17. 2018Morgan Stanley

    Acquired Mesa West

    Morgan Stanley acquired Mesa West in March 2018.

18. 2019Goldman Sachs

    United Capital Financial Partners Acquisition

    Goldman's 2019 United Capital Financial Partners acquisition added a registered investment adviser with $25 billion of assets under management, more than 220 financial advisers and about 22,000 clients.

19. 2020Morgan Stanley

    E*TRADE Acquisition

    Morgan Stanley dominates the self-directed brokerage market by acquiring E*TRADE for $13 billion.

20. 2022Goldman Sachs

    NN Investment Partners Acquisition

    Goldman completed the acquisition of NN Investment Partners in 2022 for approximately $1.92 billion (EUR 1.7 billion). The deal expanded Goldman's asset-management footprint in Europe and added capabilities in public markets and sustainable investing.

21. 2023Goldman Sachs

    $46.3B Revenue

    In FY2023, Goldman reported $46.3 billion in net revenues after the capital-markets boom of 2021 faded. The result mattered because it exposed the pressure from weak investment banking activity and losses tied to consumer initiatives.

22. 2024Goldman Sachs

    $53.5B Revenue

    In FY2024, Goldman reported $53.5 billion in net revenues, showing recovery from the prior year's weaker environment. The result mattered because investment banking activity and markets performance improved while management continued simplifying the firm.

23. 2024Morgan Stanley

    Ted Pick Appointed CEO

    Following a competitive internal succession, Ted Pick takes the helm to heavily drive the integration strategy.

24. 2025Goldman Sachs

    $58.3B Revenue

    In FY2025, Goldman reported $58.3 billion in net revenues and $17.2 billion in net earnings. The result mattered because it showed stronger returns after the consumer banking retreat and a healthier capital markets backdrop.

Acquisitions

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