Sachs, together with his friend Philip Lehman of Lehman Brothers, was one of the first to realize the potential of issuing stock as a way for new companies to raise funds. Together the two banks underwrote securities offerings for such large firms as Macy’s, Johnson and Company, and Sears, Roebuck and Company. During this time, Goldman, Sachs also became a key player in the other major securities markets, including the over-the-counter, bond, and convertibles markets.