(Reuters) – Goldman Sachs Group Inc
will name no more than 60 partners in 2020, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.
The bank’s new class of partners, to be promoted next month, is likely to be its smallest since the mid-1990s, according to the report.
Goldman’s partners collectively own a small stake in the firm and are the bank’s most elite employees, typically taking home million-dollar salary packages and having access to lucrative investment opportunities. The bank currently has roughly 400 partners in its ranks.
Goldman’s partnership ranks have nearly doubled since the bank went public in 1999 but have shrunk over the last decade as part of a strategy to make the Wall Street bank less top-heavy and raise the bar for employees seeking to become partners.
Under David Solomon, who took over as the bank’s chief executive officer in 2018, that