In a symbol of how much Goldman Sachs has changed from its days as a true partnership, the company disclosed Wednesday that the combined ownership of its so-called partners has dropped below 5 percent.
That’s down from 5.65 percent in late January — and from more than 60 percent after the firm’s initial public offering in May 1999. Periodic filings have shown for years that their holding has been gradually shrinking, and as long as it’s below 5 percent, the bank isn’t required to provide updates.
The latest decline follows U.S. President Donald Trump’s election in November, which sent the stock soaring as much as 39 percent over four months, giving Goldman employees a huge paper windfall before the rally cooled.
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