Goldman to Name Fewest New Partners in 20 Years, WSJ Reports

(Bloomberg) -- Goldman Sachs Group Inc. is likely to announce this week that fewer than 65 people will be named partners, the Wall Street Journal said, citing unidentified people familiar with the matter.

The class of new partners would be the smallest since 1998, when Goldman Sachs was a private company, and fewer than the 84 promoted two years ago, the Journal said. A representative for the bank declined to comment on the report.

New Chief Executive Officer David Solomon told the bank’s managers to be extra selective this year, according to the newspaper. Fewer people were considered for the promotions, which take place every two years, and there has been less of the last-minute lobbying that added to the list in the past, the people told the Journal.

Since taking over in October, Solomon has shuffled the top ranks, filling many roles with his closest aides from the investment-banking division, which he ran for a decade before rising to the top job.

Goldman Sachs partners own less than 5 percent of the firm, the Journal said, but the selection process remains a central part of the bank’s culture. The 2016 class of partners had the firm’s highest proportion of women ever -- 19 out of the 84 people promoted.

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