Once again, there will be fewer partners and potentially more David Teppers at Goldman later this year: The Elect plan to add no more than 70 to their number in the bi-annual life-changing ritual, unless an extra few really, really impress Michael Sherwood over the next couple of months. For new partners not only crowd the inner circle—they also cost a great deal. And if the 409 already at the pinnacle are going to continue to rake it in exercising stock options, those costs need to be kept down.
The New York securities firm is likely to bestow its prestigious partner designation, which often comes with millions of dollars in annual pay, on no more than 70 employees, said people familiar with the matter.
That is in line with Goldman’s 2012 class, the smallest since the Wall Street giant went public in 1999….
The trend is clear: The route to Goldman’s top ranks is getting even more arduous.