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Goldman Sachs Names 70 Partners, Fewest as Public Company (1)
2012-11-14 17:58:19.708 GMT
By Christine Harper
Nov. 14 (Bloomberg) -- Goldman Sachs Group Inc. named 70 employees to
join its so-called partnership, the fewest in the firm’s 13 years as a
public company, as sluggish revenue growth pressures expenses.
The promotions to partner, which take place every two years, are down
from 110 in 2010 and 94 in 2008. Partners, known as participating managing
directors, typically receive a $900,000 salary, up from $600,000 two years
ago, and a cut of a special bonus pool that’s awarded primarily in stock,
according to a person with knowledge of the firm’s policies.
Goldman Sachs, the fifth-biggest U.S. bank by assets, confers the
status on a group of employees to continue a tradition from the firm’s 130
years as a private partnership, which ended with a 1999 public offering. The
designation places an employee among an elite at a company whose alumni
include two former U.S. Treasury secretaries and the president of the
European Central Bank.
“Other than billionaire, partner at Goldman Sachs is probably the most
coveted status on Wall Street,” said Gregory Cresci, an executive
recruiter at Odyssey Search Partners in New York. “It commands respect.”
Adding Women
Fourteen percent of the new partners are women, the highest percentage
since at least 2006, according to Michael DuVally, a spokesman in New York.
About 59 percent are based in the Americas, with 29 percent based in Europe,
the Middle East and Africa and 13 percent in Asia, DuVally said.
Among the newly promoted are Jason H. Brauth, head of investment-grade
credit trading; Gerald Ouderkirk III, who oversees trading of collateralized
loan obligations and catastrophe bonds; Huw Pill, chief European economist,
and Anthony Gutman, co-head of U.K. investment banking.
Partners, who hold the most senior roles at the bank, collectively
owned about 11.4 percent of the firm’s stock as of Oct. 22, according to a
Nov. 2 regulatory filing.
Revenue in the first nine months of the year totaled $24.9 billion, an
18 percent decline from the same period in 2010 and
4.7 percent higher than the same period in 2008. The company set aside $11
billion for compensation and benefits in the first nine months of this year,
down from $11.4 billion in 2008.
Goldman Sachs employed 32,600 people at the end of September, a drop
from 34,200 a year earlier, according to company filings.
‘Challenges’
The total number of partners, once the new promotions take place on Jan
. 1, will amount to 1.7 percent of full-time employees, little changed from
1.8 percent after the last round of promotions, according to DuVally.
“We don’t discount the difficult challenges facing the industry today
and we have responded early and aggressively,”
Chief Executive Officer Lloyd C. Blankfein, 58, said at an investor
conference in New York yesterday. “History and our culture have also forced
us to think about the risk of going overboard in either direction.”
The following is the list of people who were named to become partners
as of Jan. 1:
*T
Vivek Bantwal
Pat Fels
John Mallory
Michael Ronen
Heather Bellini
Pete Finn
Joseph S. Mauro
Jami Rubin
Brian Bolster
David Fishman
Charles M. McGarraugh
Yann Samuelides
Jill Borst
Sheara Fredman
Xavier C. Menguy
Joshua S. Schiffrin
Michael Brandmeyer
Jacques Gabillon
Amol Naik
David Schwimmer
Jason H. Brauth
Francesco Garzarelli
Jo Natauri
Gaurav Seth
Stuart Cash
Nick Giovanni
Una Neary
Michael Siegel
Alex Chi
Brad Gross
Gregory G. Olafson
Michael Smith
Kent Clark
Anthony Gutman
Lisa Opoku
Josh Struzziery III
Richard Cormack
Leland Hensch
Gerald Ouderkirk III
Damian Sutcliffe
Jack Daly
Russell W. Horwitz
Francesco Pascuzzi
Michael Swell
Anne Marie B. Darling
Roy Joseph
Anthony W. Pasquariello
Ryan Thall
David Dase
John Kim
Huw Pill
Bobby Vedral
Olaf Diaz-Pintado
Marie Louise Kirk
Dmitri Potishko
Simon Watson
Robert Drake-Brockman
Hugh Lawson
Sean Rice
Toby C. Watson
Alessandro Dusi
Scott Lebovitz
Francois J. Rigou
Yoshihiko Yano
Edward A. Emerson
Ericka Leslie
Scott M. Rofey
Antonio F. Esteves
Luca M. Lombardi
Jeroen Rombouts
--With assistance from Lisa Abramowicz and Zachary R. Mider in New York and
Ambereen Choudhury in London. Editors: David Scheer, Dan Kraut
To contact the reporter on this story:
Christine Harper in New York at +1-212-617-5983 or c*****[email protected] |
