Headhunters Ready for Goldman's Disappointed
As Goldman Sachs prepares to name its next batch of partners, recruiters are getting ready to approach those who've been passed over.
Because Goldman makes its promotions to "partner managing director" just once every two years, those who don't get the nod this time around will have to wait until 2008 and, says one headhunter, "quite a few in that category will be furious."
The Wall Street Journal says that while "sometimes" the passed-over are reconsidered during the next round, "often their Goldman's careers are effectively over." The heat's not off the anointed, either. "The winners who don't subsequently perform up to expectations are sometimes quietly asked to leave," the Journal says.
This time around, between 80 and 100 employees will become PMDs, joining the current 287. Their names will be announced on Oct. 25.
Given the proximity to bonus payouts, Goldman may move to salve the angst of anyone who's not promoted with a generous application of cash. As one headhunter says, after a good year the firm is "more than ever aware" that it needs to manage disappointment.