Goldman Sachs names 60 new partners

Goldman Sachs

(Reuters) – Goldman Sachs Group Inc has invited 60 executives to become partners, from Jan. 1, 2021, making the latest batch one of the bank’s smallest since the mid-1990s.

Goldman’s partners collectively own a small stake in the firm and are the bank’s most elite employees, typically taking home million-dollar salary packages and having access to lucrative investment opportunities.

Goldman’s partnership ranks have nearly doubled since the bank went public in 1999, but have shrunk over the last decade as part of a strategy to make the Wall Street bank less top-heavy and raise the bar for employees seeking to become partners.

Under David Solomon, who took over as the bank’s chief executive officer in 2018, that trend has continued. Goldman named 69 new partners two years ago during Solomon’s first year in the role.

The new class consists largely of individuals from the Americas and includes 16 women, Goldman said on Thursday.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Aditya Soni