Goldman Sachs, Wall Street's largest remaining partnership, plans to take the firm public in the next three months, its second attempt at an initial public offering (IPO) in a year.
The firm's five-strong management committee will present the plan to float 1015 per cent of the firm to its 221 partners next Monday.
Market turmoil surrounding Russia's debt default and the near-collapse of hedge fund Long-Term Capital Management forced Goldman to postpone its planned IPO last September.
The firm is expected to report strong first-quarter earnings later this month, following a poor fourth quarter. But stock market valuations of investment banks are still lower than they were at the market's peak last year.
The firm is likely to be valued at $20 billion-$23 billion (€18.3$21 billion), substantially less than the $30 billion valuation expected last year. This would mean that an IPO of 10-15 per cent of the firm is likely to be worth $2$3.5 billion.
The vote by Goldman partners is viewed as a formality and will be followed by a filing to the Securities and Exchange Commission within days. Executives are believed to be keen to move forward rapidly with the IPO to end a period of uncertainty at the firm and take advantage of stronger market conditions.
Goldman is due to report its first-quarter earnings on March 15th. It expects to hold road shows in late April and launch the IPO in May or early June.
The former attorney general and EU commissioner, Mr Peter Sutherland, is chairman and managing director of Goldman Sachs International.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)