A Wave of Partner Retirements at Goldman Sachs

[Javaman]

http://www.cnbc.com/id/45305361

The cost-cutting at Goldman Sachs is now reaching the top ranks of the firm.

An unusually high number of partner retirements have been announced internally at the Wall Street bank in recent weeks, according to people who were briefed on the matter but are not authorized to speak on the record. More than a dozen partners have announced plans to leave recently, a much higher number than in the same period in past years.

The executives leaving include some well-known names on Wall Street, like Kevin Kennedy and Jeff Resnick. Mr. Kennedy is a member of the firm’s executive committee and recently ran its Latin American operations. Mr. Resnick is head of commodity trading.

On Wall Street, becoming a partner at Goldman has long been considered the equivalent of winning the lottery. Of the firm’s approximately 28,000 employees, only a small percentage will reach this level. Those who make it into this exclusive club are typically the biggest producers and, with only 100 or so new partners named every two years, it is a sought-after title. Prospective partners are vetted for months. Even as the public resentment of Wall Street and Goldman has increased, the partnership has remained an important part of Goldman’s culture.

more at link...

[lonestarnot]

1. I hope the fuckers are crushed!

[Javaman]

2. Personally, I think they are shedding their potential liabilities...

eventually these bastards will be held accountable. I think they are retiring the most likely ones to cost them the most in lawsuits.

[lonestarnot]

3. They can be located.

[Ship of Fools]

4. Yep -- no mountain too high or island too remote. That's what I always say.

[Javaman]

5. of course they can.

but I wonder how their conviction will effect sacks. That is my point.

They may go to jail, but will it effect sacks if they no longer work for the corporation?

[dixiegrrrrl]

6. Who would hold them accountable?

Certainly none of the existing regulatory agencies that have remained dumb and muted all these years.