Goldman Sachs promotes 80 new partners in most diverse class ever
Goldman Sachs has named record numbers of female and black partners as part of the high-profile ritual the Wall Street bank conducts every two years to fill its elite ranks.
The 80 members of the class of 2022 make up the largest group of new partners since David Solomon became chief executive and said he wanted to make the role more selective. The bank said on Wednesday that the class is its most diverse ever, with 23 women and 28 non-white partners, seven of who are black, as well as two people who identify as being LGBTQ+.
The new partners reflect Solomon’s repeated efforts to boost Goldman’s standing with investors by broadening its lines of business beyond its investment banking and trading divisions, thereby making its earnings less volatile. Fewer of the new partners are Goldman lifers than in the past, and nearly 30 per cent of them are from consumer, wealth and asset management businesses that Solomon is counting on for steady revenue.
Two-thirds of the new partners are based in the US, while the share in Asia and the Pacific was just 7.5 per cent, well down from 14 per cent in 2016, the last very large class.
This story originally appeared on: Financial Times - Author:Brooke Masters
