Goldman Sachs announces 70 new partners as it cuts costs
Goldman Sachs, a leading global investment bank, has selected 70 executives to become its new partners, which is the smallest class size the company has announced since it went public in 1999. The new partners are picked after rigorous vetting by senior partners and also on the basis of the financial contribution to the firm.
The list has at least three Indian origin partners including Vivek Bantwal, Amol Naik and Gaurav Seth.
Goldman Sachs announces partner promotions every two years. In 2010, the New York-headquartered investment bank had promoted 110 partners while in 2008 – at the peak of the financial crisis – the firm picked 94 new partners.
The partners, who will start from January 1, 2013, in new role, are entitled to a base salary of about $900,000 a year, plus bonuses which are awarded in company stock that can’t be cashed in for five years. It also offers an easy route to top jobs at the firm.
The number of new partners has been slashed as part of the firm’s strategy to slim down globally. It currently has 32,600 people on payroll, compared to 35,400 in 2010. Its partner pool has swelled to 480 after the current promotion, and according to The Wall Street Journal, this may come down to 450 next year as certain partners are expected to depart.
“We congratulate all those selected on this important achievement and look forward to their leadership in the years ahead,” said Lloyd C. Blankfein, chairman and chief executive officer of Goldman Sachs, in a statement. The firm was established in 1869.
The list of new partners (class of 2012)
Joseph S. Mauro
Charles M. McGarraugh
Xavier C. Menguy
Joshua S. Schiffrin
Jason H. Brauth
Gregory G. Olafson
Josh Struzziery III
Gerald Ouderkirk III
Russell W. Horwitz
Anne Marie B. Darling
Anthony W. Pasquariello
Marie Louise Kirk
Toby C. Watson
Francois J. Rigou
Edward A. Emerson
Scott M. Rofey
Antonio F. Esteves
Luca M. Lombardi
(Edited by Sanghamitra Mandal)
Goldman Sachs Group Inc. is a global investment banking and securities firm. It offers investment banking, trading and principal investments, asset management and securities services. The firm provides services to corporations, financial institutions, governments, and high-net worth individuals. The company was founded in 1869 and is based in New York, United States of America.
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