From 65438+ 1990 to the first world war, investment banking began to take shape, but it was no different from commercial banks.
Goldman Sachs initially engaged in commercial paper trading at this stage, and only had an office worker and a part-time bookkeeper when it started its business.
Marcus Goldman, the founder, discounts the promissory notes of merchants along the street every day, and then the merchants who originally sold the promissory notes pay cash at the face value on the agreed date. The difference is Marcus' income.