Goldman Sachs Group Inc.’s partnership is shrinking under a new chief executive who wants to restore its exclusivity.
At least a dozen Goldman GS, +1.39% partners are negotiating their exits from the firm that are likely to be announced in coming weeks, executives said. They would add to a spike in departures already this year among Goldman’s partners, whose title has inspired envy across Wall Street for decades but lost some of its luster in recent years.
Elisha Wiesel, Goldman’s chief technology executive, and Steven Strongin, who runs the firm’s research operation, are among those who are discussing stepping down, according to people familiar with the matter. A senior partner in stock trading, Jeff Nedelman, quit on Wednesday, other people familiar with the matter said. Martin Chavez, who was co-head of Goldman’s trading division and, before that, its chief financial officer, announced his retirement on Tuesday, saying, “the last thing I want to do is be in anyone’s way.”
In all, up to 15% of Goldman’s partners may leave this year, far higher than typical turnover. Fewer are rising to take their place: Goldman last year named 69 new partners, its smallest partner class in two decades. Chief Executive David Solomon, who took over last fall, is in some cases deliberately culling a partnership he sees as bloated, according to people familiar with the matter.
An expanded version of this report appears in WSJ.com.
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