Goldman Sachs has left open the possibility of another attempt to go public despite shelving plans for this year's offering.
Senior executives said the investment bank was 'rethinking the timing, not the underlying decision' to dissolve its 130-year private partnership.
Market volatility, widening of credit spreads and falling global equity values were blamed for the decision.
Goldman's six-member executive committee axed the plan on Monday after consulting with its 189 partners.
A joint statement by co-chairmen Jon Corzine and Henry Paulson said: 'Our executive committee made this difficult decision after giving full consideration to the volatile state of global financial markets and the disproportionately negative impact on the financial services sector.
'When markets and other conditions improve, our executive committee may propose a new plan of incorporations and public offers to the partnership for approval.' When Goldman made the decision to sell a 10 to 15 per cent stake it was valued between US$20 billion and $30 billion.