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Last year it sold its equities business to BT Alex. Brown, now part of Germany's Deutsche Bank.
It spent heavily in a failed attempt to get into investment banking, then exited messily when it sold its equities business to Credit Suisse First Boston.
By selling its equities when it did -- over 15 months in 2000 and 2001 -- Boots generated enough proceeds to create a surplus in its pension fund.
In November, the Swiss banks UBS and Credit Suisse announced big cuts in their securities businesses, and the Italian bank UniCredit recently said it was closing its equities business in Europe.
The Goldman Sachs Group laid off 50 traders and sales executives in its equities division yesterday, as it continues to concentrate its resources in more profitable areas.
He joined Goldman Sachs in 1985 and rose to the top of its equities trading division, moving it aggressively into electronic transactions.
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By using debt, the firm can magnify the return it makes on its equity.
BLOOMBERG NEWS Goldman SachshSaidid to Plan Job Cuts | Goldman Sachs "will begin a fresh round of job cuts as early as this week, sources familiar with the matter said on Monday, with its equities-trading business bracing for bigger cuts than fixed-income trading," Reuters reports.
Only Daiwa increased its equity holdings.
And the government could make money on its equity stake.
The College Board calls this its "equity and excellence" rating.
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