The trickle of senior executives leaving Goldman Sachs is turning into a flood. The Wall Street powerhouse, which has witnessed a string of high-profile departures in recent months, is facing a hollowing out of its ranks not seen since the firm established its partnership pool 13 years ago. The exodus comes as Goldman, along with the rest of Wall Street, turns to cost cutting as new regulations and lingering economic challenges eat into profits, as well as bonus pools.
Days ago, Chaim Howard Wietschner, 44, became the latest partner to leave. An internal announcement revealed that the senior hedge fund honcho was set to bolt. Named a partner in November 2002, Wietschner will follow more than 50 partners who have opted to “retire” over the past several months. Indeed, Wietschner’s departure is the third in the past two weeks. Others out the door include ….
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