New York Post

‘SILVER SPOON’ REBEL

$queezed Goldman

- By LYDIA MOYNIHAN

The populist uprising at Goldman Sachs over junior banker pay was led by a firstyear employee with a rather princely background.

The son of TPG Capital Vice Chairman Jonathan Coslet was one of the ringleader­s behind a PowerPoint presentati­on that went viral earlier this year, according to Bloomberg. Joey Coslet, then a first-year Goldman analyst, played a “key role” in putting together the list of gripes, the report said.

The slides, unauthoriz­ed by Goldman leaders but on Goldman letterhead, complained of “inhumane” treatment and 95-hour workweeks endured by newly hired analysts, who at the time were pulling down $85,000 in base pay.

The reverberat­ions from the slideshow were felt across the financial industry. Goldman Chief David Solomon (inset) increased first-year pay by roughly 30 percent — to $115,000. Other big firms, like JP Morgan Chase and Morgan Stanley, said they’d boost firstyear pay to $100,000.

Joey Coslet is a perhaps curious messenger for a We the People message. TPG, the $108 billion private equity fund where his father is vice chairman, is known for harddrivin­g leveraged buyouts. It is a Goldman Sachs client,

Bloomberg reported. The elder Coslet began his career at Michael Milken’s Drexel Burnham Lambert, where his time overlapped with Goldman CEO Solomon. It’s unclear if the men knew each other. Jonathan Coslet joined TPG when it was founded in 1993.

The younger Coslet, 23, studied at University of Pennsylvan­ia’s Wharton School and interned at Goldman and TPG before taking a coveted role as a Goldman investment banker on tech deals, a role he still has, according to the report. Neither father nor son commented to Bloomberg.

The father-son duo, who share similar pedigrees, appear close — at least online.

“So excited you will be working just a block away from my office,” the father wrote on Facebook after his son’s college graduation, according to the report. “Lots of lunches, if they let you out of work.” Jonathan ended the post with a smiley face.

In a statement to The Post, a Goldman Sachs spokespers­on said: “Communicat­ion is a core part of our culture, and we welcome feedback from all of our employees irrespecti­ve of title. We have seen a period of heightened client activity and have taken multiple steps to ensure that our people receive the support they need during this time.”

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