Goldman Sachs has been going through some massive changes under CEO David Solomon.
It’s taken big steps involving transparency and inclusion to change up its culture. After its first-ever investor day in early 2020, the firm is looking to execute on targets including multi-year cost-cutting plans. And it’s making big pushes into businesses like wealth management and consumer banking.
Solomon has also been interested in reducing the number of partners at the firm in order to make the status more elite and exclusive, awarding partnership to rainmakers as opposed to back-office executives in HR or operations. In 2018, there were 484 partners. But as last week’s announcement of the newest partner additions, Goldman’s total partners amounted to fewer than 440.
Meanwhile, the upper echelons of one of Goldman Sachs’ most prestigious businesses, its investment banking division, are about to undergo a big leadership transition.
Here’s everything you need to know:
- Meet 4 Goldman Sachs analysts who pitched top execs to win a $US250,000 grant in the bank’s annual charity competition
- Goldman Sachs’ cohead of investment banking is jumping ship to be CEO of a Michael Dell-backed investment firm. Read the full memos the bank just sent about the exit â€” and who’s replacing him.
- Meet Jane Dunlevie, one of Goldman Sachs’ youngest new partners and a Silicon Valley native who leads deals with red-hot companies like Shopify and Pinterest
- 4 brand-new Goldman Sachs partners told us what it’s like to get a call from CEO David Solomon inviting them to one of Wall Street’s most exclusive groups
- Meet the 7 new partners in Goldman Sachs’ elite TMT division, advising on high-profile tech IPOs and deals for clients like Snowflake, Shopify, and Netflix
- Goldman Sachs just dropped the names of its 2020 partner class, and it’s a big day for investment bankers in TMT
Who’s running the show
- Goldman Sachs just shook up its divisions to create a new consumer and wealth-management arm that will be run by Stephanie Cohen and Tucker York
- We mapped out the power structure at Goldman Sachs and identified the bank’s 125 top execs. Here’s our exclusive org chart.
- Goldman Sachs has lost at least 54 partners since David Solomon became CEO. We’re keeping a running list â€” and compiling details from insiders about how the exits are being celebrated.
1MDB and Goldman’s image
- Wall Street banks like Goldman Sachs are hiring journalists from the Wall Street Journal and Bloomberg to repair their own images. Here’s a look at their strategies.
- Read the full memo Goldman Sachs just sent to staff announcing its new head of regulatory affairs. The former White House counsel will be tasked with helping clean up the bank’s 1MDB drama.
- Inside the rise of Ram Sundaram, the leader of a secretive Goldman Sachs desk that’s minting billions by designing some of the bank’s most imaginative â€” and controversial â€” trades
- Goldman Sachs’ Joe Duran is planning to hire dozens of advisors for the firm’s wealth business, and says it’s getting a boost from companies pushing early retirements and layoffs
- Goldman Sachs just lost another wealth team to UBS in one of the industry’s biggest financial adviser moves of the year
- Why Goldman Sachs, which has a $US509 billion wealth business geared towards ultra-rich clients, is buying a small Virginia fintech for financial advisers and retail investors
- The code for Goldman Sachs’ internal data platform is now open for anyone to use. The bank’s data chief tells us why the firm decided to share something seven years in the making.
- Goldman Sachs, JPMorgan, and Citi are Wall Street’s most active fintech investors. These are the 10 startups they have poured money into so far this year.
- $US60 billion quant fund Two Sigma just hired Goldman Sachs’ first-ever chief data officer to lead its massive tech team
- Amazon just entered the small business loan market with Goldman. Here’s how the e-commerce giant is building a bank for itself.
- A peek inside Goldman Sachs’ internal idea factory that’s hatched products like a LinkedIn for Wall Street. Here’s what else it’s trying to disrupt at the bank.
- Goldman Sachs is reportedly looking to acquire General Motors’ credit-card business away from Capital One as it looks to rev up its consumer-banking unit
- Goldman Sachs is building an AI-powered digital assistant and checking account for its Marcus consumer bank. Here’s how it’s shaping up.
- Read the full memo Goldman Sachs just sent announcing a leadership shakeup in its powerhouse M&A group
- POWER PLAYERS: Meet 7 Goldman Sachs real-estate bankers who are advising companies on megadeals like Blackstone’s $US18.7 billion bet on warehouses
- Goldman Sachs is assembling a team of senior bankers focused on middle-market private equity. Here are the key hires and the playbook they will use to land new clients.
Recruiting and culture
- Goldman Sachs’ CFO explained why he’s feeling more confident about plans to move employees to lower-cost hubs like Salt Lake City and Dallas
- A majority of Goldman Sachs’ summer interns prefer Instagram to TikTok, believe remote work hurts relationships, and think Biden will be elected president in November
- Wall Street is starting to get back to work. Here are the latest return-to-office plans for 5 firms, including Goldman Sachs and Bank of America.
- A drive-in Hamptons concert where the Chainsmokers played and Goldman Sachs’ CEO DJed is under fire for drawing crowds that weren’t social distancing
- Here’s how Goldman Sachs, KKR, and Blackstone are pouring billions into data centres, a hot real-estate play that’s chasing a boom in cloud storage and streaming content
- REVEALED: The 20 leaders in charge of the powerful Goldman Sachs merchant-banking division that’s raising $US100 billion for a new alternatives push
- Goldman Sachs just hired Kurt Hoffman, an expert in distressed situations and bankruptcy, to join a trading unit known for some of the bank’s most lucrative deals
Business Insider Emails & Alerts
Site highlights each day to your inbox.