Goldman Sachs

Goldman Tells Potential Partners Not To Get Their Hopes Up

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.

Goldman Plans Smaller New-Partner Class [WSJ]
Goldman Sachs Partners’ Ownership at Lowest Since 2010 [Bloomberg]

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12 Responses to “Goldman Tells Potential Partners Not To Get Their Hopes Up”

  1. guest says:

    sad trombone

  2. guest says:

    that…is not what I was expecting michael sherwood to look like.

  3. Narcissus Bellicose says:

    This Dealbreaker team really comes in at the crack of dawn on monday, blood in their eye!

  4. guest says:

    This year blood and semen will be collected to ensure that all 70 are in fact direct descendants of the Mayflower.

  5. Super shul says:

    Translated – if you're not the kid of an important company / govt targeted for a deal, you're gonna wait

  6. Joe Momma says:

    In other news, is it just me or was there no opening bell?

    – D.O.A.

  7. Ex GS person says:

    Friend of mine had been working on a deal for ages and the final hurdle was getting it through the GS business practices committee chaired by Michael Sherwood (GS people call him "Woody"). He was pretty optimistic about getting it through. Arrived for the meeting in Woody's office and no one else is there other than him and Woody.

    So they're waiting for the other folks to show up and there's an awkward silence for a few minutes while Woody gives him the look as in the photo above, then Woody breaks the silence by saying "So I hope this isn't the only thing you're working on at the moment".

    Needless to say the deal did *not* get approval.

  8. IBANK4LIFE says:

    Ackman before T25