Goldman Sachs continues to shrink its top level ranks

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David Solomon, nearing his one-year anniversary as CEO at Goldman Sachs, is pushing to put his stamp on the organisation. At least a dozen partners are in negotiations to leave following the internal review and as many as 15% of the 450 bank's partners are expected to leave this year according to inside sources. The objective of the process is to make the position more exclusive and to open slots for fresh blood in the key roles, cementing loyalty to Solomon among managers. It also will trim costs as the bank undertakes several expensive initiatives in an attempt to boost shareholder returns and close the gap between Goldman Sachs and its rivals.

CNBC, Hugh Son, September 5th 2019