Ex-Goldman partners dish
Ex-Goldman partners dish
Goldman Sachs: The Cream of the Crop
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The Big Story – Goldman Goodbye
David Solomon, CEO of Goldman Sachs. Image source: Dakin Campbell screenshot
Royalty may not exist officially on Wall Street, but the Goldman Sachs partnership is as close as it gets. This group of around 400 individuals represents the cream of the crop within the prestigious investment bank, making up just 1% of its entire workforce.
Being a Goldman Sachs partner comes with great perks, but it’s more than just adding zeros to the bank account. Partner status bestows a certain cachet across the Street; it signifies that this person is truly the real deal.
However, a recent Insider investigation by Dakin Campbell and Emmalyse Brownstein reveals that numerous partners have recently left the firm during CEO David Solomon’s five-year tenure. At least 202 partners have bid their farewells, highlighting a challenging situation for the bank.
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Dakin’s investigation includes interviews with six former partners, providing valuable insights into their decision to depart. While many criticized Solomon’s strategic missteps, some partners surprisingly defended their former boss, citing the numerous changes he implemented during his tenure.
Goldman Sachs has consistently pushed back against the notion of a partner exodus, explaining the turnover as a natural changing of the guard and pointing to an increase in the average tenure of partners. Nevertheless, the focus remains not only on the number of partners who have left but also on the significance of their departures.
The list is quite notable, featuring high-profile figures such as Julian Salisbury, once a CEO contender, and Dina Powell McCormick, one of the bank’s most senior women. The departures also include new entrants to the partnership, like Fred Baba, who left just six months after being named a partner.
A former partner suggests that these departures could be a result of Solomon’s vision, flushing out those who were not willing to support it. But the question remains: How many of those individuals are still with the bank today? Prior to Solomon taking the reins in 2018, Dakin compiled a list of executives in Solomon’s inner circle and key members of his broader management team. Astonishingly, roughly half of Solomon’s early supporters have also departed.
Goldman Sachs must carefully navigate these departures and prove its ability to retain talent while adapting to the changing landscape of the financial industry.
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What’s Happening Today
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The Insider Today team includes Dan DeFrancesco, senior editor and anchor in New York City, Diamond Naga Siu, senior reporter in San Diego, Hallam Bullock, editor in London, and Lisa Ryan, executive editor in New York.
