One of Wall Street's most exclusive clubs is about to add a few more members

One of Wall Street's most exclusive clubs is about to add a few more members
Samantha Lee/Insider

Hiya! It's Dan DeFrancesco checking in from NYC. If you feel like you're coming out of a sugar coma, here's some tips for how to quit the candy.


Today we've got stories on the troubles in China and why that's not good for the global economy, the VC who built a reputation as a fintech super-connector, and a NASCAR driver doing the type of racing you typically only see in video games.

But first, there is someone on the phone for you.

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1. It's the most wonderful time of the year... for a select few at Goldman Sachs

It's one of the most exclusive clubs on Wall Street, and it's ready to open its doors to an esteemed few.

Goldman Sachs is preparing to announce its newest crop of partners in what is the closest thing Wall Street has to a coronation.

At most banks, managing director is the highest title one can achieve (aside from the C-suite). But at Goldman, there is an even higher echelon for the true overachievers: partner.

Acceptance into Goldman's partnership, which is around 1%, comes with plenty of perks (we mapped them all out here). But, as crazy as this might sound about a bunch of people on Wall Street, it's more than just another zero at the end of your paycheck.


Nabbing the distinction of partner is a mark of exclusivity within a firm that already prides itself on being exclusive. And that type of cachet goes a long way if a person decides to venture beyond the walls of Goldman.

The esteem of the Goldman partnership is only growing under David Solomon, as the bank's CEO has been much more selective about who gets past the velvet rope. Under Solomon, the partnership class has been 69 (in 2018) and 60 (in 2020), down a reasonable amount from the class prior to when Solomon took over (84 in 2016).

But Dakin Campbell, Insider's chief finance correspondent and resident Goldman expert, told me he wouldn't be surprised if this class ends up being larger than Solomon's previous classes. The CEO's goal was always to reduce the size of the overall partnership after it swelled to over 500, Insider previously reported.

However, after two-consecutive smaller partner classes and a series of high-profile exits, the bank could look to restock it ranks.

It's also worth noting how the new partners will be divided among the three new divisions, Dakin added. With investment banking and trading still providing the bulk of Goldman's revenue — it seems almost assured that a bulk of the class come from a unit that will now be housed under one roof.


Which also begs the question how that'll sit with those in the bank's other two groups: asset and wealth management; platform solutions.

Here's everything you ever wanted to know about Goldman's secretive partner process, from how they are selected to how much they stand to make.

In other news:

One of Wall Street's most exclusive clubs is about to add a few more members

2. American Express just tapped the Groupon CTO to lead its cloud strategy. Sachin Devand, who also had a stint at Goldman Sachs' Marcus, was named EVP and unit CIO of digital, data, and AI/ML tech at Amex. Here's everything you need to know about the tech exec and how he fits into the card giant's strategy.


3. Here's some advice on how to manage work-life balance on Wall Street from a former rising star at Bank of America. Laura Hayward spent more than a decade on the Street and was a director in BofA's prime brokerage sales before leaving this summer to be a doula and energy therapist. Here's her five lessons for being successful AND happy working in finance (it's possible, I swear.)

4. Things are not going great in China. From a heavy reliance on a slumping real-estate market to a population that is not getting any younger, there are plenty of red flags. Here's why things look so stark, and what it means for the rest of the world.

5. The other shoe is about to drop in Corporate America. It was a fun few years of "quiet quitting" and "The Great Resignation," but it was never going to last forever. Here's why employers seemed poised to take back any power gained by employees over the past few years.

6. Meet the fintech whisperer. Rex Salisbury built a reputation in the fintech community as a connector thanks to his networking group, Cambrian. Now he's writing checks of his own after leaving Andreessen Horowitz last year.

7. Still daydreaming about leaving it all behind and just moving to Europe? Well, it turns out plenty of places over there are hiring. We spoke to five German headhunters about the European startup scene. Here are their tips for what positions are most in need and who pays the best.


8. You might be able to finally throw away that checkbook. JPMorgan is working on a tool for landlords and tenants to handle payments online, CNBC reports.

9. Dealmaking isn't dead just yet. Blackstone announced plans to acquire a majority stake in Emerson's $14 billion Climate Technologies business, which specializes in HVAC. It's worth noting that Blackstone, not the banks, was the one that handled selling off the $5.5 billion in debt financing that was part of the deal, The Wall Street Journal reports.

10. A real-life Ricky Bobby in NASCAR. Ross Chastain passed five cars in the final turn of a NASCAR playoff race with the type of move you need to see to believe. Check out the videos showing how Chastain, who said the inspiration came from playing video games with his brother, was able to slingshot himself ahead in the final moments.

Keep updated with the latest business news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief. Listen here.

Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.