Goldman Sachs announces 70 new partners as it cuts costs

16 November, 2012

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)

Vivek Bantwal

Pat Fels

John Mallory

Michael Ronen

Heather Bellini

Pete Finn

Joseph S. Mauro

Jami Rubin

Brian Bolster

David Fishman

Charles M. McGarraugh

Yann Samuelides

Jill Borst

Sheara Fredman

Xavier C. Menguy

Joshua S. Schiffrin

Michael Brandmeyer

Jacques Gabillon

Amol Naik

David Schwimmer

Jason H. Brauth

Francesco Garzarelli

Jo Natauri

Gaurav Seth

Stuart Cash

Nick Giovanni

Una Neary

Michael Siegel

Alex Chi

Brad Gross

Gregory G. Olafson

Michael Smith

Kent Clark

Anthony Gutman

Lisa Opoku

Josh Struzziery III

Richard Cormack

Leland Hensch

Gerald Ouderkirk III

Damian Sutcliffe

Jack Daly

Russell W. Horwitz

Francesco Pascuzzi

Michael Swell

Anne Marie B. Darling

Roy Joseph

Anthony W. Pasquariello

Ryan Thall

David Dase

John Kim

Huw Pill

Bobby Vedral

Olaf Diaz-Pintado

Marie Louise Kirk

Dmitri Potishko

Simon Watson

Robert Drake-Brockman

Hugh Lawson

Sean Rice

Toby C. Watson

Alessandro Dusi

Scott Lebovitz

Francois J. Rigou

Yoshihiko Yano

Edward A. Emerson

Ericka Leslie

Scott M. Rofey

Antonio F. Esteves

Luca M. Lombardi

Jeroen Rombouts

(Edited by Sanghamitra Mandal)


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Goldman Sachs announces 70 new partners as it cuts costs

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