Goldman Sachs 2003 Annual Report Download - page 31

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INVESTMENT BANKING
We provide a broad range of investment banking services to a diverse
group of corporations, financial institutions, governments and individuals
and seek to develop and maintain long-term relationships with these
clients as their lead investment bank. Our current structure, which is
organized by regional, industry and product groups, seeks to combine
client-focused investment bankers with execution and industry expertise.
Our Investment Banking segment is divided into two components:
Financial Advisory and Underwriting.
FINANCIAL ADVISORY
Financial Advisory includes advisory
assignments with respect to mergers and
acquisitions, divestitures, corporate defense
activities, restructurings and spin-offs.
UNDERWRITING
Underwriting includes public offerings
and private placements of equity and
debt instruments.
from left to right:
Katsunori Sago, Ashley Spicer, Heidi Kniesel, Simon Gerovich, Guelmana Rochelin, Mary Beth Bartels, Sae Shirasaki, Tim Flynn, Lema Kikuchi,
Kerry Blum, Marissa Hicks-Hosein, Alexandra Anido, Toshiya Hari, Tomoko Sakamoto, Terri Basch, Sandra Ruiz, Philippe Altuzarra, Wakako Mizutani
INVESTMENT BANKING
NET REVENUES
(in millions)
01 02 03
$3,836
$2,830
$2,711
FINANCIAL ADVISORY
NET REVENUES
(in millions)
01 02 03
$2,070
$1,499
$1,202
GOLDMAN SACHS 2003 ANNUAL REPORT 29
UNDERWRITING
NET REVENUES
(in millions)
01 02 03
$1,766
$1,331
$1,509
DEBT
EQUITY