Goldman Sachs promotes 80 bankers to coveted ‘partner’ status

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Goldman Sachs said CEO David Solomon is awarding the coveted status of “partner” to 80 bankers at the Wall Street giant this year — the biggest yearly increase in membership to the exclusive club since Solomon took the helm in 2018.

The employees who will be promoted are the most diverse group to nab the coveted role yet, with 45 coming from diverse backgrounds, according to a memo obtained by The Post. But it’s the sheer number who got named partner that has surprised insiders, sources said.

Goldman watchers had figured Solomon instead would keep the group — which is announced every two years — smaller this year as he tries to tamp down on ballooning compensation costs and maintain the group’s elite status. In 2018, Solomon promoted 69 employees to partner and in 2020 Solomon limited the partner class to just 60.

“There’s a lot of names on there that seem early. David said he was going to keep it small … but you get all kinds of internal pressure to get your people on the list,” one insider noted. “David had been thinking of eliminating any compliance people from being partner, but clearly that didn’t happen — more compliance people were promoted.”

It also appeared that Goldman need to “replenish the list of partners in GSAM,” the bank’s asset-management division, the insider noted.

Workers cross the street at Goldman Sachs headquarters in New York.
Bloomberg via Getty Images

A spokesperson for Goldman declined to comment.

A promotion to partner lends prestige — less than 1% of the entire firm are partners — but also has other privileges. In addition to base pay and bonuses typically north of $1 million, partners get access to private investment opportunities and a cut of profits from Goldman’s investment funds.

Amid record payouts in 2022, partners were also given a special one-time bonus on top of the typical compensation of a base salary and bonus — that added millions of dollars extra to each partner’s pay.

However, as the bank grapples with a decline in profits, those close to the bank caution hefty partner bonuses likely won’t be replicated at the same level in 2023.

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