Goldman Sachs Reduces Number of Partners
The ranks of Goldman Sachs (NYS: GS) partners have thinned, a company filing with the SEC shows. The document lists 407 individuals as partners, down by 31 since February. That's a 7% decline.
The collective Goldman Sachs shareholding of those partners also declined slightly, to just under 11.4% of the company, from the 11.8% recorded in February.
The reduction in partner headcount comes as the investment bank reaches the end of an initiative aimed at shedding $1.9 billion in annual expenses. Since the end of 2010, around 3,100 staffers have been cut, or approximately 9% of the company's former total.
Although the company's employee and partner lists are shrinking, its compensation is not. The company has set aside just under $11 billion for compensation thus far in 2012, according to a Reuters report, a 10% year-over-year increase.
The article Goldman Sachs Reduces Number of Partners originally appeared on Fool.com.
Eric Volkman has no positions in Goldman Sachs Group. The Motley Fool has no positions in Goldman Sachs Group. Motley Fool newsletter services recommend Goldman Sachs Group. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.
