Goldman Sachs is poised to promote its biggest pool of new partners since CEO David Solomon took the helm more than five years ago as the financial giant rides a rebound in dealmaking, The Post has learned.
The bulge-bracket bank expects its crop of new partners — one of Wall Street’s most exclusive clubs, whose members can rake in millions of dollars a year — will be larger than the 80 partners appointed in 2022, according to a source close to the situation.
Every two years the prestigious firm promotes dozens of senior executives to join its top brass that make up just 1% — or about 400 employees – of its global workforce of more than 46,000.
The new partners will enjoy a base salary of nearly $1 million a year, but they can take home multiples of that sum once other compensation such as bonuses and stock are included.
The size of the upcoming partner appointments was first reported by Bloomberg News.
A company spokeswoman declined to comment.
The title is a nod to the firm’s past before it went public in 1999 and serves as a springboard to the bank’s biggest jobs.
Solomon oversaw the election of 69 new partners in 2018 and just 60 in 2020, the fewest since Goldman’s IPO.
The new partners will be named as a resurgence of deals on Wall Street that helped Goldman’s profits surge by 45% year-on-year in the third quarter of this year.
Aside from their eye-popping bonuses, they can also look forward to a cut of profits from the bank’s investment funds that are open to employees and a partners-only bonus pool.
Goldman handed out $15.4 billion in compensation and other benefits last year, according to its annual financial report published this past March.
That compares to $15.1 billion in 2022, the same source shows.
Last year CEO Solomon earned $31 million, 24% higher than the previous year. while chief operating officer John Waldron earned $30 million, an increase of nearly 28% over the prior year, according to regulatory filings.
The chief executive has moved to refocus the bank’s operations on its traditionally core business of trading, asset management and investment banking.
It comes after a botched foray into consumer banking products such as high interest savings accounts and a joint credit card venture with Apple.
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