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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.

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