Goldman Sachs Group Inc. (GS), the fifth- biggest U.S. bank by assets, has lost at least 37 partners in 2011 as the firm heads toward the end of its worst year for profit and share performance since 2008, the good people at Bloomberg tell us.
The number is an estimate based on internal memos, company filings and news reports as the New York-based bank doesn’t publicize departures. The company added nine partners from outside the firm this year, including six when Goldman Sachs took full control of its Australian joint venture.
Goldman Sachs, more than a dozen years since its initial public offering, still promotes top performers every even- numbered year to join a so-called partnership and share in a bonus pool that’s envied on Wall Street. Partners swelled to 475 last year from 221 as of the IPO. They’re among the biggest shareholders, with a combined stake of about 13.8 percent on Nov. 20, up from 10.2 percent on Jan. 27, filings show.
Read more about it at http://www.bloomberg.com/news/2011-12-14/goldman-loses-at-least-37-partners-in-weakest-year-since-2008.html
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