Goldman Sachs new class of 78 so-called partners spotlights the shrinking role of trading, the growth of other businesses and one area where progress is slow: the addition of women to its highest ranks.
Bloomberg News reports that employees in the trading and research divisions comprise 36% of the class, down from 44% two years ago, according to the company. An industrywide slump has driven down Goldman Sachs’s trading revenue to $12bn in the first nine months of the year, from $27.5bn in the same period of 2009 and $18.2bn in 2010.
All other divisions had more partners named than they did in 2012, including three more each in investment banking and asset management. Revenue in both of those segments rose more than 35% from the first nine months of 2009.
Goldman Sachs spends months vetting candidates for selection as a partner, a nod to the firm’s 130 years as a private partnership that ended with a 1999 public offering. Partners, also known as participating managing directors, typically receive a $900,000 salary, a cut of a special bonus pool and the opportunity to invest in private funds.
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