Later he was at Lehman Brothers working in fixed-income institutional sales.

His father retired as a first vice president and the head of institutional sales, in Boston, for Smith Barney.

"We certainly have been asked, but we don't do that," said Gerry Mullane, director of institutional sales.

He headed institutional sales for 20 years and was put in charge of corporation finance department in 1976.

The remaining revenue is from institutional sales, modern trade and trade.

By contrast, the equity side's costly research department and highly paid institutional sales force have weighed on Goldman's business, as commissions continue to be squeezed.

The firm operates in three businesses: investment banking, equities research and institutional sales and trading.

He joined the Chicago office in 1976 and served as that office's co-head of institutional sales.

More than 500 institutional sales staff members at the firm have been hard at work drumming up interest among investors worldwide.

The firm said much of its revenue gains were in retail sales, institutional sales and trading.