Goldman Sachs, a leading global investment bank, has selected 70 executives to become its new partners, which is the smallest class size the company has announced since it went public in 1999. The new partners are picked after rigorous vetting by senior partners and also on the basis of the financial contribution to the firm.
The list has at least three Indian origin partners including Vivek Bantwal, Amol Naik and Gaurav Seth.
Goldman Sachs announces partner promotions every two years. In 2010, the New York-headquartered investment bank had promoted 110 partners while in 2008 – at the peak of the financial crisis – the firm picked 94 new partners.
The partners, who will start from January 1, 2013, in new role, are entitled to a base salary of about $900,000 a year, plus bonuses which are awarded in company stock that can’t be cashed in for five years. It also offers an easy route to top jobs at the firm.
The number of new partners has been slashed as part of the firm’s strategy to slim down globally. It currently has 32,600 people on payroll, compared to 35,400 in 2010. Its partner pool has swelled to 480 after the current promotion, and according to The Wall Street Journal, this may come down to 450 next year as certain partners are expected to depart.
“We congratulate all those selected on this important achievement and look forward to their leadership in the years ahead,” said Lloyd C. Blankfein, chairman and chief executive officer of Goldman Sachs, in a statement. The firm was established in 1869.
The list of new partners (class of 2012)
Vivek Bantwal
Pat Fels
John Mallory
Michael Ronen
Heather Bellini
Pete Finn
Joseph S. Mauro
Jami Rubin
Brian Bolster
David Fishman
Charles M. McGarraugh
Yann Samuelides
Jill Borst
Sheara Fredman
Xavier C. Menguy
Joshua S. Schiffrin
Michael Brandmeyer
Jacques Gabillon
Amol Naik
David Schwimmer
Jason H. Brauth
Francesco Garzarelli
Jo Natauri
Gaurav Seth
Stuart Cash
Nick Giovanni
Una Neary
Michael Siegel
Alex Chi
Brad Gross
Gregory G. Olafson
Michael Smith
Kent Clark
Anthony Gutman
Lisa Opoku
Josh Struzziery III
Richard Cormack
Leland Hensch
Gerald Ouderkirk III
Damian Sutcliffe
Jack Daly
Russell W. Horwitz
Francesco Pascuzzi
Michael Swell
Anne Marie B. Darling
Roy Joseph
Anthony W. Pasquariello
Ryan Thall
David Dase
John Kim
Huw Pill
Bobby Vedral
Olaf Diaz-Pintado
Marie Louise Kirk
Dmitri Potishko
Simon Watson
Robert Drake-Brockman
Hugh Lawson
Sean Rice
Toby C. Watson
Alessandro Dusi
Scott Lebovitz
Francois J. Rigou
Yoshihiko Yano
Edward A. Emerson
Ericka Leslie
Scott M. Rofey
Antonio F. Esteves
Luca M. Lombardi
Jeroen Rombouts
(Edited by Sanghamitra Mandal)