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David Solomon is committed to drawing a line under the past and firmly putting the old Goldman Sachs—its scandals, its whiteness and maleness, its specialness, its profligacy with partnership—on the other side of it. And, indeed, there will be fewer new people drinking from the golden fountains in the partners’ room this time than at any time in recent decades, fewer even that the paltry number Solomon elevated two years ago, and those people will make future CEO Stephanie Cohen feel slightly less of a minority within its hallowed halls.

Goldman named 60 new partners on Thursday…. The latest group includes 32 white men, giving them a 53 per cent share of the promotions, the demographic’s smallest representation on record…. Women make up 27 per cent of the new class, surpassing the previous record mark of 26 per cent in 2018. The bank said 17 per cent of the new partners were Asian, 7 per cent were black and 5 per cent were Hispanic or Latino.

I mean, check out this little bit of Wokeness from the Elect:

Among those who got an early-morning congratulatory phone call from Mr. Solomon or Goldman’s president, John Waldron, who divvied up the list between them, are… Anne-Victoire Auriault, a 32-year-old trader who is one of the youngest women to make partner at Goldman and got the call while on maternity leave.

But try as he might, Solomon is still having trouble bringing the part of his bank he hates most to heel, probably on account of the stubborn fact that it makes all the money.

Two-thirds of the class are traders or investment bankers. In one surprise, none of them work in the consumer bank, Marcus, which is at the heart of the firm’s high-stakes pivot.

Who’s not giving the little guy the credit he deserves now, D-Sol? Still, thanks to the combination of the pandemic, optics and the fact that they haven’t just yet begun swimming in their profit shares, you won’t be seeing the sort of celebrating that once characterized this most special of biennial days on Wall Street.

Jen Roth, a bond saleswoman… was sitting at her desk on Goldman’s trading floor—she is among roughly 20% of staff rotating back through the office weekly—when her phone rang. “I look down and see David Solomon’s name pop up, and David Solomon’s name doesn’t usually pop up on my phone,” she said. She relayed the news to her husband and three children; her daughter announced the news to her Zoom schoolroom.

“You’ve been working toward this your entire career,” said Ms. Roth, 39 years old, who plans a quiet dinner at home on account of the pandemic.

Almost half Goldman Sachs’ new partners are women or minorities [FT]
Goldman Sachs’s 60 New Partners Are the Happiest People on Wall Street Today [WSJ]


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