Goldman Sachs nnounced in an internal memo Wednesday that it is promoting 70 people to its elite partnership ranks.
(Read more: Why Goldman's Partnership Day Is Shrinking)
That's the smallest number of new partners in at least a decade. Two years ago, the last time the firm promoted people to its partner ranks, Goldman named 110 new partners. At the height of the financial crisis in 2008, Goldman named 94 new partners.
(Read more: Wall Street's (Other) Great Deleveraging)
The term "partner" is a throwback to the firm's days as a private partnership. New partners are named every other year, on even years.
Partners at Goldman typically make around $900,000 in salary and receive large bonuses, mostly in stock of the company. The position is one of the most respected and coveted on Wall Street. (Read more: Blankfein on CNBC: 'Nobody Can Flagellate Themselves as Well As Goldman')
The most thorough read-through of the new partners so far comes from Susanne Craig at The New York Times.
- by CNBC Senior Editor John Carney
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