Goldman Sachs announced a big promotion, and it hints at the future of the Wall Street giant
Lane coheads the investment-management division - a business that has been posting strong growth - with Tim O'Neill. Pablo Salame, cohead of the securities division at Goldman, is the other co-chairman.
Lane joined the bank back in 1996, making partner in 2002 while still in his late 20s. He was COO of the investment-management division before getting the call up to cohead the business in 2011.
The partnership committee had previously been headed by Michael Sherwood, who retired from the firm at the end of 2016. Before Sherwood, Gary Cohn was the head. Cohn also left the firm in 2016.
The rank of Goldman Sachs partner is still one of the most sought after job titles on Wall Street. Those who get called up are given a comfortable raise and a solid chunk of the bonus pool. They're also provided investment opportunities not available to other employees. Their day-to-day work lives don't change drastically, though they're expected to take on more responsibilities in the form of partner meetings and firmwide committees.
The bank named 84 partners in the last promotion round in 2016, including 10 from the investment management division. Currently, more than 400 of Goldman's roughly 35,000 employees are partners.
The investment management business has been a key focus for Goldman Sachs over the last few years. The business finished 2016 with $1.38 trillion in assets under supervision, up $127 billion. Investment management generated $5.8 billion in revenues over the year, putting it narrowly behind Goldman Sachs' famed investment banking division and the firm's equities sales and trading business in terms of revenue contribution.
Read the full memo below.
February 8, 2017
Eric S. Lane Named Co-Chairman of the Partnership Committee
We are pleased to announce that Eric Lane, global co-head of the Investment Management Division (IMD), will join Pablo Salame as co-chairman of the Partnership Committee. Edith Cooper will continue to serve as vice chair of the committee.
Established in 1995, the mission of the Partnership Committee is to steward the firm's culture as defined by our Business Principles and standards, preserve the spirit of partnership, promote and enhance the benefits of partnership, and advance the long-term success of Goldman Sachs through the cultivation of its current and future leaders.
Eric is a member of the Management Committee and the Firmwide Client and Business Standards Committee (CBSC). He is also a member of the IMD CBSC and the Petershill Committee. He assumed his current role as global co-head of IMD in 2011. Eric joined Goldman Sachs in 1996. He was named managing director in 2001 and partner in 2002.
Please join us in congratulating Eric on his additional responsibilities and wishing him continued success.
Lloyd C. Blankfein
David M. Solomon
Harvey M. Schwartz