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.
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