Since taking over at Goldman Sachs a few weeks back, CEO David Solomon has done some serious housecleaning. After putting his padawan John Waldron in the Gary Cohn enforcer role, Solomon has redrawn some portion the management org chart at Goldman’s higher levels, and we have been hearing through tipsters that the change has trickled down and across the firm, cementing the reality of Solomon’s reign through good old shock and awe. Just look what he did to Marty “The Prince That Was Promised” Chavez.
Basically, DJ D-Sol’s elbows appear much sharper than we thought they would be, and he seems to be clearly laying down a body rocking bass beat on what he intends to be a long set in the CEO booth at 200 West Street. And it now seems like he’s done hiding it because Goldman Sachs is due to name its newest crop of partners, and the early news is that there aren’t going to be very many…
The Wall Street firm is set to name its smallest class of new partners in years this week, according to people familiar with the matter. It’s the first crop of promotions under Chief Executive David Solomon, who aims to keep Goldman’s upper ranks exclusive and compensate for a recent influx of outside hires.
Fewer than 65 people are likely to get the nod, the people said. That would be the smallest class since 1998, when Goldman was still a private company, and fewer than the 84 promoted two years ago.
Hey, we get it. DJ D-Sol has already eliminated many of the larger threats to his throne, why add a flotilla of newer, younger, hungrier ones before he even gets the “& Chairman” added to his title at the end of the year? The guy has a company to run between cullings of potentially disloyal usurpers. This is just solid management of a newly-minted oligarchy…
Candidates are vetted by a group of top executives—a process known internally as “cross-ruffing,” a term borrowed from bridge—but aren’t interviewed themselves. If selected, they can expect to hear the news personally from Goldman’s CEO.
Mr. Solomon told managers to be extra selective this year, people close to the process said. Fewer people were considered and there has been less of the last-minute lobbying that has padded the final list in past years, the people said.
See? Letting the ranks of potential challengers swell on purpose is what happens when you let traders run the place. When I-Bankers like D-Sol play the game of thrones, they start off by immediately eliminating half the competition and then locking all the entrances.
Welcome to your new life, Goldman serfs.