Goldman Sachs Cuts Partner Count

November 5, 2012 by Paul Ausick

Source: Wikimedia Commons
Goldman Sachs Group Inc. (NYSE: GS) has trimmed the number of partners at the firm to 407, according to a report from Reuters. In February the firm listed 438 partners. The overall change was included in an SEC filing, but none of the dismissed partners is named.

As of last month, Goldman had nearly achieved its goal of cutting annual expenses by $1.9 billion by cutting staff and other expenses. Reuters noted that the bank had set aside nearly $11 billion for compensation in 2012, an amount equal to more than $336,000 per employee, and up 15% year-over-year.

Goldman has lost “dozens of partners” since 2011 according to Reuters, and the bank’s CFO said last April that 15% to 20% of partners typically leave the firm every year. The bank named 110 new partners in 2010, and is slated to announce its new partners on November 14, according to Reuters.

Shares of Goldman Sachs are down 0.5% at $122.63 in a 52-week range of $86.90 to $128.72.

Paul Ausick

Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE

Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply
clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.


Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.

Posted in Jobs | Comments Off on Goldman Sachs Cuts Partner Count