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Goldman Sachs Appoints 110 Partners Amid Rebound

Goldman Sachs CEO Lloyd Blankfein
Lloyd Blankfein, chairman and chief executive officer of Goldman Sachs Group Inc., was awarded a $67.9 million bonus in 2007, the highest ever for a securities industry CEO. Photographer: Jin Lee/Bloomberg

Goldman Sachs Group Inc. selected 110 people to become partners, up from 94 in the last round two years ago, as Wall Street rebounds from the financial crisis.

Among the employees named this year were David Kostin, chief U.S. equity strategist, Andre Laport Ribeiro, the Sao Paolo-based head of Latin America equities, and Colin Coleman, who runs the firm’s South Africa business, according to an internal memo (see full list below) obtained by Bloomberg News. The appointments take effect Jan. 1. David Wells, a spokesman for Goldman Sachs in New York, declined to comment.

The elections are a vestige of the firm’s days as the last major investment bank partnership, before the company ended 130 years of private ownership with its 1999 initial public offering. Partners, who get a $600,000 salary, share in a special compensation pool and typically receive most of their yearend bonuses in restricted stock.

“There are no partners in a corporation, this is an honorary designation that enables people in it to participate in a bonus pool,” said Roy Smith, a finance professor at New York University’s Stern School of Business who was a partner at Goldman Sachs before it went public. “This is a promotion for most of them in terms of how much they get paid.”

Goldman Sachs had 443 partners after the 2008 class was elected and 402 after the 2006 round. Wells wouldn’t say how many partners there will be after the latest round of promotions. The New York-based company employed 35,400 people at the end of September.

New Partners

New partners included Donald J. Casturo from the commodities unit, Dina H. Powell, the firm’s head of corporate engagement, London-based credit trader Wayne M. Leslie, and Peeyush Misra, a former Bear Stearns Cos. mortgage trader. Massimo Della Ragione, a Milan-based merger specialist, also made the cut, as did China portfolio strategist Christopher Eoyang, Shin Horie, the Tokyo-based head of Japan investment research, and Jonathan M. Penkin, co-head of equity capital markets in Asia.

Wells wouldn’t say how many of the new partners are women. The firm was sued in September by three women, former employees, who alleged that they faced discrimination in pay and fewer opportunities for promotion than men. Goldman Sachs has called the suit without merit.

Goldman Sachs’s profit through the first nine months of 2010 dropped 29 percent to $5.97 billion from the same period last year. The company has set aside $13.1 billion for compensation and benefits this year, 21 percent less than at the same time in 2009. The stock dropped 21 cents to $164.89 as of 4:15 p.m. in New York Stock Exchange composite trading, and is down 2.3 percent this year.

Record Pay

Goldman Sachs set a Wall Street pay record in 2007 when it doled out more than $20 billion, or 44 percent of revenue, to 30,522 employees at the time. Chairman and Chief Executive Officer Lloyd Blankfein, 56, was awarded a $67.9 million bonus that year, the highest ever for a securities industry CEO.

Since the 2008 financial crisis led governments around the world to supply taxpayer money to keep banks afloat, Goldman Sachs has cut compensation. Last year the firm slashed the ratio of revenue paid to employees to 36 percent, the lowest since the firm went public.

This year Goldman Sachs has set aside 43 percent of revenue to pay employees, or 45 percent when the cost of a U.K. tax on bonuses is included. In a presentation yesterday at a New York conference hosted by Bank of America Corp., Blankfein said the firm’s decisions on compensation depend on “what the market requires us to do in most cases, and I think that that is a bit of an evolving picture.”

Before the financial crisis, Goldman Sachs published its list of partners in a press release. The firm has since stopped making the list public.

“I can’t imagine why they want to call attention to what is in essence not an appointment of managers but a transfer of people into a different compensation category,” Smith said.

The following is a list of the 2010 partner class at Goldman Sachs:

Chuck Adams
Nick S. Advani
William D. Anderson
Scott B. Barringer
Gareth W. Bater
Tracey E. Benford
Avanish R. Bhavsar
V. Bunty Bohra
Stefan R. Bollinger
Robert Boroujerdi
Alison L. Bott
Sally A. Boyle
Christoph Brand
Torrey J. Browder
Philippe L. Camu
Donald J. Casturo
Chia-Lin Chang
Steven N. Cho
David T. Y. Chou
Thalia Chryssikou
Colin Coleman
Kenneth W. Coquillette
Cyril Cottu
Massimo Della Ragione
Michele I. Docharty
David P. Eisman
Harry Eliades
Christopher Eoyang
Samuel W. Finkelstein
Matthew R. Gibson
Michelle Gill
Michael J. Grimaldi
Dylan S. Halterlein
Elizabeth M. Hammack
Dane E. Holmes
Ning Hong*
Shin Horie
Stephanie Hui
Eric S. Jordan
Vijay M. Karnani
Christopher M. Keogh
Peter Kimpel
Kelvin Koh
Adam M. Korn
David Kostin
Joerg H. Kukies
Andre Laport Ribeiro
Geoffery Lee
Laurent Lellouche
Eugene H. Leouzon
Wayne M. Leslie
John R. Levene
Leland Lim
Lindsay P. LoBue
David B. Ludwig
Raghav Maliah
Matthew F. Mallgrave
Alain Marcus
Robert A. Mass
Matthew B. McClure
Patrick S. McClymont
Dermot W. McDonogh
Richard P. McNeil
Avinash Mehrotra
Jonathan M. Meltzer
Bruce H. Mendelsohn
Peeyush Misra
Bryan P. Mix
Atosa Moini
Ricardo Mora
Ezra V. Nahum
Nigel M. O’Sullivan
Nirubhan Pathmanabhan
Jonathan M. Penkin
Michelle H. Pinggera
Dhruv Piplani
Dina H. Powell
Sumit Rajpal
Ganesh Ramani
James H. Reynolds
Stuart Riley
Karl J. Robijns
Craig Russell
Luke A. Sarsfield III
Stephen B. Scobie
John C. Shaffer
Konstantin A. Shakhnovich
Daniel M. Shefter
Michael L. Simpson
Mark R. Sorrell
J. Richard Suth
Jasper Tans
Patrick Tassin de Nonneville
Megan M. Taylor
Teresa Teague
Pawan Tewari
Klaus B. Toft
Kenro Tsutsumi
Richard Tufft
Toshihiko Umetani
Jonathan R. Vanica
Philip J. Venables
Simone Verri
Daniel Wainstein
Kevin A. Walker
Robert P. Wall
David D. Wildermuth
Chang-Po Yang*
Alan Zhang
Xing Zhang**

*Employee of Goldman Sachs Gao Hua Securities Company Limited
**Employee of Beijing Gao Hua Securities Limited

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