Goldman Sachs lost at least 36 partners last year. Here's a list of all the names we know — and it shows a securities-division exodus.
Goldman Sachs said goodbye to dozens of partners last year when they either left the firm or renounced their membership in one of Wall Street's most desirable clubs, and the exits hit hardest in the firm's securities division.Goldman Sachs said goodbye to dozens of partners last year when they either left the firm or renounced their membership in one of Wall Street's most desirable clubs, and the exits hit hardest in the firm's securities division.
18 out of 36 departed the firm's securities division, renounced their partner status, or said they would leave soon. The count doesn't include a quintet of senior partners from the securities division who left in 2018: Pablo Salame, Isabelle Ealet, Paul Russo, John Willian, and Stacy Bash-Polley.
Since becoming CEO in October 2018, David Solomon has turned a sharp eye to Goldman's trading division, where former CEO Lloyd Blankfein made his career and where many of his top lieutenants kept their desks. The securities division has struggled with a move toward electronic trading and calm financial markets that have kept many clients on the sidelines, and yet many of the exits were well-known names on Wall Street.
Solomon has named investment bankers to securities-division roles: Two out of three of the securities-division coheads, Jim Esposito and Nachmann, spent the majority of their careers in the division Solomon ran before getting promoted. Vivek Bantwal, last seen running the firm's credit and structured-finance businesses, has been named as chief operating officer of the securities division. Bantwal worked for Nachmann in the investment bank, according to a person with knowledge of their careers.
Here's the list of those partners who left Goldman Sachs in 2019:
Dean Backer (retired from the partnership)
Gerard Beatty (retired from the partnership)
John Madsen (retired from the partnership)
Consumer and Investment Management