|Royalty doesn’t exist in an official capacity on Wall Street, but Goldman Sachs’ partnership is about as close as it gets to one.
The group of roughly 400 is the cream of the crop of the cream of the crop, representing about 1% of the prestigious investment bank’s entire workforce.
Such a high bar is bound to come with some nice perks, which it does, but it’s more than adding zeros to the bank account. (Although that doesn’t hurt.) Partner status comes with a certain cachet across the Street: This person is the real deal.
With that in mind, why does it seem like so many partners have headed for the exits recently?
A recent Insider investigation by Dakin Campbell and Emmalyse Brownstein found that at least 202 partners have left the firm during CEO David Solomon’s volatile five-year tenure.
But Dakin didn’t stop there, interviewing six partners about what led them to leave. The conversations provide a fascinating glimpse into a person’s rationale for leaving a role some consider to be the pinnacle of the field.
And while Solomon’s strategic missteps were a key talking point for many, not all the former partners bashed the CEO. Some defended their old boss to Dakin, pointing to the number of changes he’s taken on during his tenure.
The bank, meanwhile, has long pushed back on the notion of a partner exodus, explaining the turnover as the natural changing of the guard and pointing to an increase in the average tenure of partners.