Goldman Sachs Cuts Partner Count

By Paul Ausick Published Nov 5, 10:04AM EST

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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

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.