Goldman Sachs 2002 Annual Report Download - page 19

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NEW YORK FIXED INCOME AND FINANCE LOS ANGELES AND NEW YORK BANKING
NEW YORK FIXED INCOME LOS ANGELES BANKING
As 2001 ended, Providian, the large
consumer credit company and a long-
time Goldman Sachs client, faced
serious problems that threatened its
liquidity and caused its stock price to
fall significantly. Realizing that quick
and comprehensive action was
needed, Goldman Sachs brought
together investment banking and
fixed income professionals who
worked on Providian’s behalf through-
out much of 2002.
The team structured a series of
complex transactions for Providian
and executed them in difficult markets,
including the sale of Providian’s
Master Trust and its credit card
business in the United Kingdom.
Goldman Sachs also securitized and
provided the equity to fund the sale
of $2.4 billion of Providian’s higher
risk assets. Months of consistent and
dedicated efforts led to a dramatic
restructuring of Providian’s balance
sheet and improved its prospects.
PROVIDIAN FINANCIAL—REBUILDING SHAREHOLDER VALUE