Ex-Goldman partners dish

In today’s big story, former Goldman Sachs partners explain what led them to leave their prestigious positions within the bank.

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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.

This year alone Julian Salisbury, once considered a CEO contender, and Dina Powell McCormick, one of the most senior women at the bank, both departed. Even new entrants to the partnership aren’t sticking around. Fred Baba, considered a rising star at the bank, left less than six months after being named a partner.

One former partner noted broader exits at the firm could boil down to flushing out the people who weren’t willing to back Solomon’s vision.

But how many of those people are still at the firm? Ahead of Solomon taking the reins from Lloyd Blankfein back in 2018, Dakin compiled a list of executives in Solomon’s inner circle and key members of his broader management team.

Fast forward to today, and roughly half of Solomon’s ardent supporters have since left.

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Dan DeFrancesco, senior editor and anchor, in New York City. Diamond Naga Siu, senior reporter, in San Diego. Hallam Bullock, editor, in London. Lisa Ryan, executive editor, in New York City.

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