Gold­man Sachs names 70 part­ners

The Pak Banker - - Front Page -


Gold­man Sachs Group Inc. (GS) named 70 em­ploy­ees to join its so-called part­ner­ship, the fewest in the firm's 13 years as a pub­lic com­pany, as slug­gish rev­enue growth pres­sures ex­penses.

The pro­mo­tions to part­ner, which take place ev­ery two years, are down from 110 in 2010 and 94 in 2008. Part­ners, known as par­tic­i­pat­ing manag­ing di­rec­tors, typ­i­cally re­ceive a $900,000 salary, up from $600,000 two years ago, and a cut of a spe­cial bonus pool that's awarded pri­mar­ily in stock, ac­cord­ing to a per­son with knowl­edge of the firm's poli­cies.

Gold­man Sachs, the fifth­biggest U.S. bank by as­sets, con­fers the sta­tus on a group of em­ploy­ees to continue a tradition from the firm's 130 years as a pri­vate part­ner­ship, which ended with a 1999 pub­lic of­fer­ing. The des­ig­na­tion places an em­ployee among an elite at a com­pany whose alumni in­clude two for­mer U.S. Trea­sury sec­re­taries and the pres­i­dent of the Euro­pean Cen­tral Bank.

"Other than bil­lion­aire, part­ner at Gold­man Sachs is prob­a­bly the most cov­eted sta­tus on Wall Street," said Gre­gory Cresci, an ex­ec­u­tive re­cruiter at Odyssey Search Part­ners in New York. "It com­mands re­spect."

Four­teen per­cent of the new part­ners are women, the high­est per­cent­age since at least 2006, ac­cord­ing to Michael DuVally, a spokesman in New York. About 59 per­cent are based in the Americas, with 29 per­cent based in Europe, the Mid­dle East and Africa and 13 per­cent in Asia, DuVally said.

Among the newly pro­moted are Ja­son H. Brauth, head of in­vest­ment-grade credit trad­ing; Ger­ald Oud­erkirk III, who over­sees trad­ing of col­lat­er­al­ized loan obli­ga­tions and catas­tro­phe bonds; Huw Pill, chief Euro­pean econ­o­mist, and An­thony Gutman, co-head of U.K. in­vest­ment bank­ing.

Part­ners, who hold the most se­nior roles at the bank, col­lec­tively owned about 11.4 per­cent of the firm's stock as of Oct. 22, ac­cord­ing to a Nov. 2 reg­u­la­tory fil­ing.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.