After 33 years, Goldman Sachs is returning to Detroit.
The investment bank and financial management firm closed its last Detroit office in 1990. The new office, in Bedrock Detroit's 1001 Woodward building downtown, opened in September and marks the firm’s first Midwest office opening for the investment banking giant this century. Headquartered in New York, Goldman Sachs has more than 45,000 employees and 80 offices globally. The new Detroit office is home to 40 employees in the leased space. The firm has plans to have up to 50 wealth employees in the near term. Detroit is the firm's second-largest wealth office in the Midwest behind Chicago.

Brian Grzelakowski, the Midwest region head of private wealth management for Goldman Sachs, said the office is representative of the firm’s continued growth in the city of Detroit and Southeast Michigan. “The wealth business was not what it was in 1990 that it is today, due to us experiencing tremendous growth of our business in Detroit,” Grzelakowski said. “At this point, over 80% of our advisory teams in the Midwest engage and have clients in Detroit. So much so that it just became apparent to us that the growth in the city in terms of our client base and our people spending time there is so consistent that we wanted to lean into that and accelerate it by having a physical office presence.”Goldman Sachs’ history in Detroit can be traced back to 1956 when the investment bank led Ford Motor Co.’s $657 million IPO, which was the largest common stock offering to that date in the United States. In 2023 money, that equates to more than $7.4 billion. The transaction also catalyzed the firm’s private wealth business, Grzelakowski said.

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