Goldman Sachs to name fewest new partners in 20 years
Goldman Sachs is set to name one of its smallest classes of new partners in years this week, while the company is halfway toward its goal of boosting revenue by $5 billion by 2020.
Fewer than 65 people are likely to be promoted to partner, according to the Wall Street Journal, citing people familiar with the matter. That would make the new class one of the smallest since 1998. This is also the first crop of partner promotions under CEO David Solomon’s leadership.
In 2016, Goldman Sachs promoted 84 to partner.
The big investment bank is ahead of schedule on its revenue goal to generate an additional $5 billion in annual revenue by 2020. In the first nine months since setting its goal, it has already achieved half of its revenue target. “The $5 billion target is ‘not the limit’,” Chief Financial Officer Stephen Scherr said in a presentation at an industry conference in New York Monday.
To achieve the revenue growth target the bank implemented plans to lend to more consumers and business, improve revenue from trading, investment banking and asset management – according to the presentation.