{"id":359594,"date":"2011-04-01T21:20:30","date_gmt":"2011-04-01T21:20:30","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/01\/lloyd-blankfein-takes-home-18-6-million\/"},"modified":"2011-04-01T21:20:30","modified_gmt":"2011-04-01T21:20:30","slug":"lloyd-blankfein-takes-home-18-6-million","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/01\/lloyd-blankfein-takes-home-18-6-million\/","title":{"rendered":"Lloyd Blankfein takes home $18.6 million"},"content":{"rendered":"
\n

The\u00a0inner circle at Goldman Sachs\u00a0 is as crowded as it has ever been. Is\u00a0a shakeout at hand?<\/strong><\/p>\n

You might think it is after reading a report<\/a> Tuesday from the New York Times, which points out that Goldman’s (GS<\/a>) partners sold $108 million of stock in December and January. That’s up 42% from their sales in October and November.<\/p>\n

\"\"<\/a><\/p>\n

Time to drain the partnership pool?<\/p>\n<\/div>\n

That isn’t a huge amount of selling at a firm whose average daily trading volume approaches $800 million.\u00a0Of course, this being Goldman, there is the suspicion that the selling could be a sign that partners who won’t be staying with the firm are cashing out as they prepare to spend\u00a0quality time with family or, perhaps less upliftingly,\u00a0elsewhere in the business world.<\/p>\n

Goldman’s partnership pool is a relic from before its 1999 initial public offering<\/a>, when the firm was a limited partnership whose leaders shared the firm’s profits and stood ready to commit capital when Goldman lost money.<\/p>\n

Under the post-IPO arrangement, Goldman’s partners \u2013 technically managing director partners \u2013 share a piece of the firm’s profits and get the right to invest in some choice deals. Their compensation can run well into the millions of dollars, largely in stock they can’t sell immediately.<\/p>\n

With last fall’s class of 110 new members<\/a>, Goldman\u00a0has its biggest group of managing director partners ever. The firm says it doesn’t disclose the size of its partnership group, but the Times report puts the current number at 483.<\/p>\n

That’s up from a reported 443 in 2008<\/a> \u2013 a class that was named in the midst of the financial meltdown \u2013 and media reports ranging between 267 and 320 in the middle of the past decade. The firm discloses how many people join\u00a0the pool\u00a0with each biennial class and says they stay on average for about eight years or so. But it doesn’t say\u00a0how many leave, which makes the size of the pool at any given moment\u00a0a moving target.<\/p>\n

A bigger class at a time of squeezed profits<\/a> seems to point toward an inevitable thinning of the partner ranks. Partners who have been around for a bit aren’t going to want to see their checks get soaked by having too many people in the bonus pool.<\/p>\n

At the same time,\u00a0it’s worth noting that the size of Goldman’s partner class hasn’t changed much as a proportion of the firm’s total workforce. So if profits do hold up, the pressure to trim the partnership list won’t be intense.<\/p>\n

The pool was 221 when the firm went public in\u00a01999, for instance.\u00a0That’s 1.7% of the firm’s employment as of February 1999 — compared with 1.4% now.<\/p>\n

Goldman will surely bring in another hundred or so hard hitters in 2012, and there’s going to have to be room to give them their cut of the Goldman pie without whittling down the existing partners’ pieces. Not everyone is going to make that cut, obviously.<\/p>\n

All the same,\u00a0you’re not exactly likely to see a bunch of ex-partners sporting sandwich boards any time soon, either.<\/p>\n

Also on Fortune.com:<\/strong><\/p>\n

Follow me on Twitter @ColinCBarr<\/a>.<\/p>\n

<\/span><\/span><\/span><\/div>\n<\/p>\n

<\/p>\n

See the rest here:
\nLloyd Blankfein takes home $18.6 million<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The\u00a0inner circle at Goldman Sachs\u00a0 is as crowded as it has ever been. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-359594","post","type-post","status-publish","format-standard"],"yoast_head":"\nLloyd Blankfein takes home $18.6 million - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/04\/01\/lloyd-blankfein-takes-home-18-6-million\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Lloyd Blankfein takes home $18.6 million - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"The\u00a0inner circle at Goldman Sachs\u00a0 is as crowded as it has ever been.\" \/>\n<meta name=\"twitter:image\" content=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/04\/59233affdman_growth.gif.gif\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/01\/lloyd-blankfein-takes-home-18-6-million\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/01\/lloyd-blankfein-takes-home-18-6-million\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Lloyd Blankfein takes home $18.6 million\",\"datePublished\":\"2011-04-01T21:20:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/01\/lloyd-blankfein-takes-home-18-6-million\/\"},\"wordCount\":543,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/01\/lloyd-blankfein-takes-home-18-6-million\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/04\/59233affdman_growth.gif.gif\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/04\/01\/lloyd-blankfein-takes-home-18-6-million\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/01\/lloyd-blankfein-takes-home-18-6-million\/\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/04\/01\/lloyd-blankfein-takes-home-18-6-million\/\",\"name\":\"Lloyd Blankfein takes home $18.6 million - 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