Morning Coffee: What really happens when you make partner at Goldman Sachs. Paris, Frankfurt bankers will want to move to London
The election of the Goldman Sachs 2024 partner class may be of negligible importance alongside the election ofDonald Trump, but if you're one of Goldman's 95 new partners, it's a whole new world.
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Not only are you now earning a$950k salary, instead of the $400k salary Goldman pays its managing directors, but you also have — in the words of Feroz Khosla, Goldman's 35-year-old new partner, talking toBusiness Insider, a new responsibility that is «deeper, heavier» than before.
Goldman likes voice communication, and your elevation into the partnership is unsurprisingly communicated not by email but with a jovial call from the likes of John Waldron, Goldman's president and COO, who will say something like, «I look forward to calling you my partner.»
Thereafter, it's a whirl of vintage champagne and cakes and celebratory meals. Khosla, who works in corporate derivatives with treasury clients, said his wife was invited to the meal, during which someone leant over and said, «Welcome to the family.» As an Indian, Khosla said Goldman Sachs has literally been like his family since he began working there in 2010, but that his wife and actual family contributed to his achievement too. His parents laminated times tables as place mats and pushed his education, and his wife is well-used to cancelling engagements so that he can work.
When Khosla got the call from Waldron, he therefore says he congratulated his wife on his promotion. He thanked her and thanked his parents. He also planned to thank everyone in his department, 'from junior analysts all the way up to other partners.'
At some point, though, he'll be left with the «deeper, heavier» responsibility of his new title. Khosla
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