Goldman Sachs Ready to Hand Out Golden Ticket to New Partners

Posted by adaniels in Blog on November 14, 2012

Around 85 or so high-flyers at Goldman Sachs could be getting a phone call that could change their lives, Here Is the City reports. On Wednesday Goldman chair Lloyd Blankfein will call them with this short but sweet message: “Congratulations, you’ve become a partner.”

It’s not like these staffers get to apply for the position, the article notes. There is no job interview process, nor is there a job listing for these coveted roles. Instead, the higher-ups have been secretly meeting for months to determine who gets to be partner. There is a process called “cross-ruffing” involved, in which Goldman Sachs executives talk to other employees about the people being considered for partner, but never the would-be partners themselves.

Here Is the City says that becoming a Goldman Sachs partner brings “prestige that is, arguably, unrivalled in the financial world,” It also means “vast wealth” thanks to the huge bonuses that go along with the job, which could net them millions per year. It can be a real golden ticket for those picked.

Those who become partners at Goldman Sachs also can move onward and upward. Ex-U.S. Treasury secretary Hank Paulson was once a Goldman partner, as was Gavyn Davies, former chairman of the BBC.

Written by Lisa Swan

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