Thursday, November 13, 2014 10:49 pm
Goldman Sachs has named 78 employees to the coveted status of partners of the prestigious US investment bank.
The employees, 11 of them women, will gain more responsibilities and benefits, including salary increases.
The average monthly salary of a Goldman partner was $320,000 at the end of September.
Most of the new partners, 25, come from the Wall Street bank’s trading activities, followed by 23 in the investment bank division.
“These appointments recognize some of the firm’s most senior professionals and acknowledge their embodiment of our culture and values, and their leadership of the firm’s business and people,” said Lloyd Blankfein, chairman and chief executive, in a statement Wednesday.
The best-known of the new traders is Richard “Jake” Siewert, head of corporate communications, who joined Goldman in 2012. Siewert is a former White House spokesman under the administration of then-president Bill Clinton.
The employees will officially become new partners on January 1, bringing to 467 the number of partners in the bank’s nearly 33,000 workforce. The elite 1.6 percent enjoy power, pay and benefits that are among the most envied on Wall Street.
Goldman Sachs promotes employees to partners every two years. In 2012, the bank named 70 partners, including 10 women.
Goldman Sachs kept this partnership model after becoming a publicly traded company in 1999, while its rivals have abandoned the practice.