Date
23 September 2017
Goldman Sachs now has 467 partners, or 1.6 percent of its more than 30,000 staff worldwide. Photo: Bloomberg
Goldman Sachs now has 467 partners, or 1.6 percent of its more than 30,000 staff worldwide. Photo: Bloomberg

78 bankers join Goldman Sachs elite partnership

Goldman Sachs Group Inc. has announced its latest batch of partners, promoting 78 employees to the elite group of Wall Street bankers.

The latest members bring the total number of partners at the 145-year-old institution at 467, or 1.6 percent of its more than 30,000 staff worldwide, Forbes reported.

The youngest of the new partners is a 32-year-old Kunal Shah, according to the business magazine. A mathematics graduate from Cambridge University, Shah was a London-based emerging markets trader when he was promoted to managing director at the age of 27.

According to Reuters, a team of senior partners spends months interviewing colleagues of the candidates. They are asked about “commercial excellence”, shorthand for work ethic, client relationships and ability to deliver revenue to the firm over the long term.

Goldman’s partnership, which inducts new members every two years, has been evolving since the financial crisis as long-tenured partners left to make way for more junior employees, the news agency said.

The latest batch includes 23 employees from investment banking, 25 from securities, 11 from investment management, four from merchant banking, three from research and 12 from what is known in the bank as The Federation, which includes back- and middle-office roles.

The selection process involves a couple thousand discussions for each candidate.

Aside from the prestige, becoming a Goldman partner means more responsibility and higher pay.

Partners have a higher base salary than other employees, get to share in a special pool of bonus money each year and get perks like the ability to invest in lucrative Goldman-managed funds, Reuters said.

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