Goldman hails record number of female and black partners
GOLDMAN Sachs has promoted more female and more black staff to the rank of partner than ever before, as it elevated 80 financiers to the position.
The investment bank hailed its “most diverse partner class ever named” in the promotion round, which takes place every other year.
The group includes 23 women and seven black executives, both record numbers in absolute and proportional terms. It means the holders of the roles, seen as among the most prestigious on Wall Street and in the City of London, are becoming more diverse.
Of the 80 new partners, 21 are based in London while 45 are in New York, Goldman Sachs’ home city.
In 2020, the bank named 60 new partners. This year’s 80 represents the largest cohort since 2016. The size of the class this year runs counter to the push to squeeze the scope of the promotions in the last two cycles in an effort to make it more aspirational and exclusive.
One challenge with smaller classes has been the inability to overcome the struggles the bank has had in achieving gender balance, with the partnership still dominated by men.
The partnership rank comes with pay that routinely climbs into several million dollars, the opportunity to invest in private funds without fees and a cut of profits from Goldman’s investment funds that are open to employees. Last year, after bumper profits, Goldman gave one-time payouts to its partners.
David Solomon, the bank’s chief executive, and John Waldron, its president, said in a joint statement that “each of our new partners has contributed meaningfully to our business and culture”.