Goldman Sachs Group Inc. promoted 80 bankers to partner roles in November, the largest (and most diverse) new class in four years.
Goldman promoted 60 new partners in 2020 and 69 in 2018, when Chief Executive David Solomon took over. In 2022’s group, 29% are women, 24% are Asian, and 9% are African American, all showing increases since 2020. But Hispanic and Latino partners make up just 3% of the new class, down from 5%.
Partners are selected every two years at the firm and command salaries of $1 million or more, plus bonuses and other compensation, including Goldman shares.
In an effort to boost its wealth and asset management businesses, which can reap steady gains despite market fluctuations, Goldman has been restructuring. More volatile investment banking and trading, long the firm’s hallmarks, have become less reliable in the current economic climate.
Forty-eight of the 80 new partners are traders or investment bankers, six work in consumer and wealth management, and three are in engineering.
Being a partner is considered exclusive, and it’s a way to motivate employees and express the firm’s priorities.
Goldman’s shares are down 5% in 2022, while rival Morgan Stanley’s have dropped 15%.
