From efinancialnews: In the world of banking, being made a
partner at Goldman Sachs is the "golden ticket". But what happens
when these gilded roosters decide to fly the coop and join the wider world?
The title harks back to the halcyon days of Wall Street,
when partners were also owners of their firms. This meant making money in the
good times, and putting up money when things were not going so well. After Goldman's IPO in 1999, partners still
had to worry about making money, but less about losing it (at least not
personally), and being made a partner lost some of its lustre. The chief
executive of one headhunting firm said: “It certainly isn’t what it was before
the IPO, but it is still a golden ticket.”
Today, being made partner is more like a form of Masai
initiation ritual, albeit it in a Brooks Brothers button down. Goldman staffers
with roughly 10 years at the firm under their belt will, every two years, hope
to become one of approximately 90 freshly-minted partners joining the 350 to
400 existing partners. Those lucky few can expect immediate increases in pay,
bonus and career prospects. But what
happens after that?
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