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Strategies & Market Trends : STEAMROLLER'S DAYTRADES -- Ignore unavailable to you. Want to Upgrade?

To: STEAMROLLER who wrote (476)	8/24/1998 3:51:00 PM
From: STEAMROLLER	Read Replies (2) \| Respond to of 1561

Goldman Sachs files with SEC for stock offering WASHINGTON, Aug 24 (Reuters) - Goldman Sachs Group Inc. (GS - news) on Monday filed with U.S. regulators to go public, ending its 129-year history as a private investment banking firm. The long-awaited registration statement, however, offered few clues to satisfy Wall Street's keen interest in Goldman's going public. Goldman's partners two months ago supported floating a 10-15 percent stake in the firm and ratified the plan earlier this month. Partners had voted against going public many times in the past, but this time were swayed by a red-hot market for financial services stocks and the need for Goldman to boost its capital base to better compete with growing rivals such as Merrill Lynch and Co Inc (MER - news). Monday's filing, however, did not detail how many shares the firm will sell, the price of the shares, or what stake in the firm they represent. Nor did it outline --as is usual-- the salaries and exact equity stakes of its top executives. It also omitted how much stock it intends to award to key employees and its rank-and-file workers. The statement did list six people who own five percent of the firm's equity, among whom are Goldman's co-chief executives, Jon Corzine and Henry Paulson. The regulatory filing also gave some insights into Goldman's finances, which it jealously guarded when it was a partnership. In the first half of the year, Goldman earned a pretax profit of $2.1 billion on revenues of $5.5 billion. Proprietary trading contributed 47 percent to Goldman's revenues, or $2.6 billion. Investment banking fees added $1.6 billion in revenues and asset management and securities services another $1.3 billion. Goldman had about $165 billion in client assets under management at the end of May, up from $117 billion a year ago. The firm doled out $2,6 billion to its 11,440 employees in the six months ended May 31, up from $1.5 billion a year ago.