The new class of partners at Goldman Sachs is likely to be its smallest since the mid-1990s. And for those who make the cut, the Wall Street firm is dangling a new financial carrot: access to profits from its private investment funds.
A seat in Goldman Sachs Group Inc.’s partnership was once Wall Street’s most coveted prize. The firm’s 1999 initial public offering minted one generation of multimillionaires; the trading and buyout boom of the 2000s made another.
But pay fell after the financial crisis and the partnership swelled. Goldman’s partners remain one-percenters, but Wall Street’s brass ring has lost its luster.
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