Goldman names 60 new partners in smallest class

Bloomberg

Goldman Sachs Group Inc elevated its smallest class of new partners in more than two decades. The firm picked 60 employees in its biennial promotions that serve as a nod to the bank’s history as the last major private firm on Wall Street. That’s the fewest since 1998, a year before it went public, and almost half the number who were promoted a decade ago.
Chief Executive Officer David Solomon has said he’s trying to limit the partnership ranks to restore the exclusivity of the group. Prominent partner departures and some forced exits have also helped Solomon tighten the group. The number of women and Black executives scoring promotions this year was little changed because of the class’s smaller size, even as both cohorts saw their share of the group increase by a percentage point.
Partners, known as participating managing directors, typically receive a base salary of about $1 million and the opportunity to invest in private funds without fees. Goldman is also restoring a perk, making partners eligible to get a cut of profits from Goldman’s investment funds that are open to employees. Solomon had already tightened the reins in his first selection process as CEO in 2018, elevating just 69 partners when he was one month into his tenure.