By The Financial District
Sep 26, 20231 min
Royalty doesn't officially exist on Wall Street, but Goldman Sachs' partnership is about as close as it gets.
At least 202 partners have left the firm during CEO David Solomon's volatile five-year tenure. I Photo: Goldman Sachs Facebook
The group of roughly 400 represents the cream of the crop in the prestigious investment bank, making up about 1% of the workforce, as reported by Dakin Campbell for Business Insider.
A recent Insider investigation by Dakin Campbell and Emmalyse Brownstein found that at least 202 partners have left the firm during CEO David Solomon's volatile five-year tenure.
But Dakin didn't stop there; he interviewed six partners about what led them to leave. These conversations provide a fascinating glimpse into their rationale for leaving a role considered by many to be the pinnacle of the field.
While Solomon's strategic missteps were a key talking point for many, not all former partners criticized the CEO. Some defended their old boss to Dakin, pointing to the number of changes he's implemented during his tenure.
However, much of the interest around partner departures isn't just about the quantity but also about the identity of those leaving.
This year alone, Julian Salisbury, once considered a CEO contender, and Dina Powell McCormick, one of the most senior women at the bank, both departed. Even new entrants to the partnership aren't sticking around.
Fred Baba, considered a rising star at the bank, left less than six months after being named a partner. One former partner suggested that broader exits at the firm could be related to purging individuals unwilling to support Solomon's vision.