Goldman Sachs 2002 Annual Report Download - page 27

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GO LDMAN SA CH S 2002 A N N UA L R EPO RT 25
While Goldman Sachs’ equities
businesses could not escape the
difficult market conditions that were
pervasive in 2002, we continued to
benefit from the scale and efficiency
of our global equities businesses,
and the success of our focused
effort to deepen client relationships.
We view both — our unique client
franchise, and the size of our
business—as critical to our leader-
ship in equities going forward.
Last year, there were a number of
large convertible transactions and
rights offerings, privatization success
stories and significant block trades.
We entered new markets, created
new products and continued to
enhance our service to the whole
array of institutional clients, executing
transactions for them in products that
had not been available 12 months
before. And as we and our clients
learn to operate in this environment,
we gain insight into how best to serve
our clients in the years to come.
These experiences will carve the path
to even stronger relationships and
continued opportunities in the future.
EQUITIES—DEEPENING CLIENT RELATIONSHIPS
NEW YORK
NEW YORK RESEARCH
HONG KONG
LONDON