One of the most reputed financial institutions of the world, Goldman Sachs Group Inc (NYSE:GS), continued its traditional work culture by introducing 78 new partners to its overall partners pool. The previous announcement for partners was in 2012 and the company announced 70 partners in that period.
The partner pool of the company is among one of the most exclusive clubs of the Wall Street and with these new partners, the group has 467 members. While talking about the new partners, CEO of Goldman Sachs Group Inc (NYSE:GS), Lloyd C. Blankfein, said,
“These appointments recognize some of the firm’s most senior professionals and acknowledge their embodiment of our culture and values, and their leadership of the firm’s business and people. We look forward to their continued strong performance and leadership in the years ahead.”
Announcing new partners in every two years is a complicated process that involves interviews, reviewing the “commercial excellence” of the candidate, strategies of increasing firm’s revenue, and client relationships. It takes several months to select the right partners and this tradition memorizes the days of Private Goldman Sachs firm.
The recent list includes partners from different departments including 25 partners from securities, 23 from investment banking, 11 partners with investment management background, 12 from “the Federation,” four partners from the merchant banking section, and three more from research. The elite partners’ group of Goldman Sachs Group Inc (NYSE:GS) has its special benefits including higher pay, status symbol, additional bonus, and the opportunity to invest in the funds managed by the company.
This traditional approach has received a neutral response from the experts like Alan Johnson, Johnson Associates Inc, New York, who said,
“It’s consistent with Goldman’s past DNA and the DNA they want to have going forward. The big banks are no longer the pay leaders, no longer the masters of the universe, so they’ve got to be more creative.”
This article has been written by Prakash Pandey.