Goldman Sachs has named 95 executives to its prestigious partner class, marking the largest promotion under CEO David Solomon’s leadership. Announced Thursday, this milestone underscores Goldman’s strategic focus on bolstering its investment banking and wealth management arms. The 2024 class reflects a more diverse leadership, including record levels of Hispanic and female executives. Solomon emphasized that the culture of partnership remains central to Goldman’s identity, a tradition dating back more than 155 years. This year’s partner count surpasses previous cycles, with the last rounds promoting 80 members in 2022 and 60 in 2020.
Growth and Diversity Drive New Partner Class
The rise in partner appointments aligns with Goldman’s expansion in critical sectors, such as investment banking and asset management, indicating Solomon’s commitment to fortifying Goldman’s traditional strengths. The 2024 class includes 26 women, comprising 27% of the group, in addition to record Hispanic representation, while Asian and Black executives make up 18% and 4%, respectively. This enhanced diversity aligns with Goldman’s goal to build an inclusive workforce, though it has faced recent criticisms for high-profile female exits. Key departures have included prominent female leaders, spurring Goldman Sachs executives to pledge increased support for female professionals within the firm.
Impact on Goldman’s Strategic Vision
Under Solomon’s guidance since 2018, Goldman Sachs has strategically reduced the overall partnership size to reinforce its exclusivity, traditionally keeping membership under 1% of its workforce. As of September, the firm employs around 46,000 people globally, maintaining roughly 400 to 450 partners. These appointments come at a pivotal time, with Goldman reporting a 24% increase in investment banking fees by the end of September, as its dealmaking business recovers after a slow period across Wall Street. Additionally, Goldman’s asset and wealth management division has reached a record $3 trillion in assets, buoyed by high-net-worth client growth. The process of becoming a partner remains rigorous, involving extensive interviews and assessments to ensure alignment with Goldman’s values and strategy.
Goldman’s new partner class includes a significant number of professionals who began as interns or campus hires, highlighting a strong internal growth pipeline. The firm’s partner designation, while now part of a publicly traded company, continues to carry influence and prestige. Partners not only play a role in shaping Goldman’s future but also benefit from exclusive privileges, maintaining the legacy of a once-private institution led by its partners.
With the new class, Goldman Sachs aims to stay competitive amid industry shifts, leveraging its experienced and diverse leadership to navigate future opportunities in asset management, trading, and dealmaking.
