logo
Plus   Neg
Share
Email

Goldman Sachs Is Shrinking Partnerships: WSJ Reports

Goldman Sachs Group Inc. (GS) is likely to lose more partners this year than usual as CEO David Solomon is culling upper ranks and making partnerships more exclusive, The Wall Street Journal reported.

Solomon, who was appointed in October last year, reportedly feels that these partnerships have grown bloated and wants to restore its exclusivity.

At least 12 Goldman partners are negotiating their exits from the company. The announcement regarding this will be made in coming weeks.

As per the report, Elisha Wiesel, Goldman's chief technology executive, and Steven Strongin, who runs the company's research operation, are among those who are in talks.

Jeff Nedelman, a senior partner in stock trading, resigned on Wednesday, while Martin Chavez, who was co-head of Goldman's trading division, announced his retirement earlier.

The number of Goldman Sachs partners peaked last year at nearly 500.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said that the current state of the COVID-19 pandemic in the U.S. is "really not good." The U.S. is the country worst-affected by the coronavirus and has recently seen a surge in coronavirus infections as lockdown restrictions are eased. Granules Pharmaceuticals, Inc. recalled twelve (12) lots of type 2 diabetes medication Metformin hydrochloride Extended-Release, in the form of oral film-coated tablets, for the potential presence of nitrosamine impurity, N-Nitrosodimethylamine (NDMA), above levels of the Acceptable Daily Intake Limit (ADI), the U.S. Food and Drug Administration or FDA said in a statement. Palantir Technologies Inc., the Silicon Valley big data analytics company that has handled U.S. government's certain sensitive projects, said it has confidentially filed documents with the Securities and Exchange Commission to go public. In a statement, the company said the proposed public listing of its Class A common stock is expected to take place after the SEC completes its review process.
Follow RTT