Goldman Sachs Cuts Partner Count
Nov 5th 2012 10:04AM
Goldman Sachs Group Inc. (NYSE: GS) has trimmed the number of partners at the firm to 407, according to a report from Reuters. In February the firm listed 438 partners. The overall change was included in an SEC filing, but none of the dismissed partners is named.
As of last month, Goldman had nearly achieved its goal of cutting annual expenses by $1.9 billion by cutting staff and other expenses. Reuters noted that the bank had set aside nearly $11 billion for compensation in 2012, an amount equal to more than $336,000 per employee, and up 15% year-over-year.
Goldman has lost "dozens of partners" since 2011 according to Reuters, and the bank's CFO said last April that 15% to 20% of partners typically leave the firm every year. The bank named 110 new partners in 2010, and is slated to announce its new partners on November 14, according to Reuters.
Shares of Goldman Sachs are down 0.5% at $122.63 in a 52-week range of $86.90 to $128.72.
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