Awww, there are fewer "Top Bankster" slots available at Goldman-Sachs

cue the orchestra......


(Bloomberg) Goldman Sachs Group Inc. (GS) named 70 employees to join its so-called partnership, the fewest in the firm’s 13 years as a public company, as sluggish revenue growth pressures expenses.

The promotions to partner, which take place every two years, are down from 110 in 2010 and 94 in 2008. Partners, known as participating managing directors, typically receive a $900,000 salary, up from $600,000 two years ago, and a cut of a special bonus pool that’s awarded primarily in stock, according to a person with knowledge of the firm’s policies.

Goldman Sachs, the fifth-biggest U.S. bank by assets, confers the status on a group of employees to continue a tradition from the firm’s 130 years as a private partnership, which ended with a 1999 public offering. The designation places an employee among an elite at a company whose alumni include two former U.S. Treasury secretaries and the president of the European Central Bank.

“Other than billionaire, partner at Goldman Sachs is probably the most coveted status on Wall Street,” said Gregory Cresci, an executive recruiter at Odyssey Search Partners in New York. “It commands respect. ...............(more)

The complete piece is at: http://www.bloomberg.com/news/2012-11-14/goldman-sachs-names-70-partners-fewest-as-public-company.html