GOLDMAN Sachs is set to break with tradition in coming months by relaxing the constraints on the number of employees admitted to the hallowed ranks of its partnership.
Instead of the usual “de-fanging” process, whereby some existing partners are demoted from the partnership to make way for up-and-coming talent, Goldman will this year allow the size of the pool to expand.
Goldman’s top executives are understood to want to reward existing partners for their hard work during a particularly tough couple of years for the bank, both financially and in the public eye.
Around 100 of the bank’s top employees are expected to be promoted by the time the biannual process is completed in mid-November, boosting the size of the partnership by around a quarter. Usually some partners would move jobs and others would be asked to step down to make way for the new intake, keeping the number of partners relatively stable.
Apart from prestige, one of the primary benefits of joining the partnership is the generous compensation deals handed out to members, which are usually boosted by way of large annual bonuses rather than increased salaries.