Goldman Sachs Group Inc has cut the number of employees it lists as partners to help streamline expenses. Goldman has reduced the number of partners to 407, down 31 from February, the bank said in a filing with the US Securities and Exchange Commission, without identifying the partners that had been dropped.
Becoming a Goldman partner is a coveted title on Wall Street because of its prestige and lucrative compensation. Fewer partners were named this year because of a broad decline in Goldman's staff levels. Since the end of 2010, the investment bank has cut 3,100 employees from its payroll, shrinking its workforce by 9 percent. From 2011, dozens of partners have left the investment bank, including some high-profile executives such as David Heller and Ed Eisler, two co-heads of Goldman's securities business.