Retuers/ Luke MacGregor
Goldman Sachs just promoted 84 new partners — and the class makeup sends an important message to the firm’s young people.
Specifically, 75% of the new class joined the firm at the entry-level as analysts or associates. What’s more, about 11% of them are millennials, meaning they were born in 1980 or later.
It’s further proof of Goldman’s efforts to hold onto its own.
The firm wants a bigger percentage of the graduates it hires to spend a full career at the bank, rather than just spending a couple of years there and then leaving for hedge funds, private equity, or other industries, which is a common career path among junior bankers.
Goldman sent a similar message to its junior bankers with its managing director promotions last year. Around 40% of that 425-person class had joined the firm as analysts or associates.
Last year, Goldman Sachs introduced an overhaulto the way it promotes and rewards investment bankers at the junior level. The initiative fast-tracks investment banking analysts to promotion after only two years at the firm.
It also rewarded junior bankers with a “mobility program” and introduced changes to the type of work that junior bankers do, making use of new technological platforms to pick up some of the work.
Check out the full 2016 partner list.
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