An unusually high number of Goldman Sachs partners are retiring from the firm, Susanne Craig at DealBook reported.
Since partners are some of the highest paid employees at the firm, this seems to be another measure the investment bank is taking towards cost-cutting.
This certainly is ironic. Just a year ago, Goldman appointed 110 new partners, one of the largest classes in the history of the firm. And in January, it was reported that Goldman had raised the base salaries of its executives and partners for the first time since the company went public in 1999. Guess those moves are now coming to bite back.
But decreasing the number of partners may also give the position, which is arguably the most coveted job on Wall Street, even more of an elusive lure and prestige. DealBook noted that there are currently 475 partners, and that number may have to decrease even more before another round of partner appointments planned for fall 2012.
Among the partners that are planning on leaving the firm is Kevin Kennedy, who has worked at Goldman for 37 years and was a partner from the days before Goldman went public.
The list of retiring partners reported by DealBook:
- Kevin Kennedy, head of Goldman Sachs Latin America
- Jeff Resnick, head of commodity trading
- Leslie Biddle, CFO of mining investing effort in commodities
- Charlotte Ransom, co-head of the European fixed-income currency, and commodities and equities structuring group
- Blake Mather, manager of bank loan sales
- Yusuf Alireza, co-president of Goldman Asia-Pacific
- Rob Gheewalla, head of the principal debt group in Europe
- Paul Bernard, co-head of Asia Pacific research
- Gregg Gonsalves, head of real estate mergers and acquisitions
- David Torrible, head of One Delta sales for the Asia Pacific region excluding Japan
- Martin Devenish, head of equities in Europe and in Middle East growth markets
- Joseph Gleberman, a senior partner in the merchant banking division
- Buckley Ratchford, head of global bank loan trading and distressed investments
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