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Goldman Sachs names about 80 new partners

© Reuters. FILE PHOTO: The Goldman Sachs company logo is seen in the company’s space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid/File Photo
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(Reuters) – Wall Street investment banking powerhouse Goldman Sachs Group Inc (NYSE:) has tapped 80 employees as new partners, Bloomberg News reported on Wednesday, citing people familiar with the matter.

The top post, to which the finance giant hires every two years, makes up for less than 1% of the firm’s total rank, the report added.

According to the report, the partnership rank comes with special privileges including multi-million dollar pay, the opportunity to invest in private funds without fees and a cut of profits from Goldman’s investment funds open to employees.

A spokesperson of the bank declined to comment on the report when contacted by Reuters.

Last month, Goldman said it will reorganize its business into three units and scale back ambitions for its consumer bank, after it reported a 44% slump in third-quarter profit.

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