Goldman Sachs just announced its latest partner class, guaranteeing a $1 million salary and all the other perks that come with the title to 69 employees, down from 84 two years ago. Unsurprisingly, well more than half (48) work in sales and trading or investment banking. A record 26% are women, which is equally unsurprising considering new CEO David Solomon’s pledge to make the upper rungs of management more gender diverse. Below are six of the most impressive new partners.
Carl "Boe" Hartman, Technology, New York
Only three people from the bank’s technology division made partner, but what makes Hartman so unique is that he works for Goldman’s retail arm, GS Bank USA, which operates its online lending platform, Marcus. Promoted in 2017 to chief information officer of GS Bank, Hartman may be the first retail-focused employee to be named partner. Marcus launched only two years ago. Hartman is a retail lifer, spending a decade at Capital One before moving to Barclaycard. His appointment shows just how serious Goldman is taking its new retail venture. In a May blog post in which he shared advice he would give to his former self, Hartman wrote: “Write your ideas down -- most are horrible, but a few are pure gold (and some will become part of this thing called Marcus by Goldman Sachs).”
Niharika Cabiallavetta and Beat Cabiallavetta, Securities, London
As insiders suggested to us earlier in the week, London-based Niharika Cabiallavetta, a credit salesperson who's been at Goldman since 2005, made partner. What we weren’t told was that her husband, Beat Cabiallavetta, would achieve the same status. A member of the bank’s special situations group, Beat also joined Goldman in 2005 and was named a managing director in 2013, alongside his wife. This is the first time in London that Goldman has made two partners…partners. It should be a joyous evening around the Cabiallavetta household tonight.
Eric Murciano, Securities, London
Insiders also tipped us off that Murciano, Goldman's co-head of emerging markets and FX sales, would be one of several fixed income execs to make partner while the equities team was relatively shunned. However, tipsters also suggested that Adam Crook, Murciano’s co-head, could also get the call. He did not. Murciano has been with the bank since 2004. Crook joined in 2008 and was named managing director in 2014.
Earl Hunt, Securities, New York
Hunt may not be the youngest partner Goldman has ever named (he graduated from Brown University in 2003) but the speed with which he climbed Goldman’s hierarchy is eye-opening. He has only been a managing director for 11 months after being named as part of the 2017 class. He left Citi in 2015 to join Goldman’s distressed debt team as a vice president and climbed all the way to partner in three years (though it's worth noting Goldman doesn't use 'director' titles). He started with the bank at a particularly opportune time as Goldman's distressed debt trading desk saw significant turnover in 2015 following a difficult stretch.
Heather Kennedy Miner, Executive Office, New York
Goldman’s head of investor relations, Miner is the only member of the bank’s executive office to make partner in 2018. She has worn many hats. Miner started at Goldman as part of its corporate treasury team in 2003, making MD in 2009. She then spent more than eight years in investor relations before heading up Goldman’s strategic advisory solutions team within the bank’s asset management department. When Edith Cooper retired in 2017 as the head of HR, Goldman tapped Dane Holmes, then-head of investor relations, as her Cooper’s replacement. The bank then pulled Miner back to IR to head up her old department. Miner's career arc shows just how difficult it is to make partner as a non-revenue generator. She waited nine years from the time she was named managing director, compared to just one year for Hunt.
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