It’s the end of the week as we know it, and I feel fine! Dan DeFrancesco in NYC, and after reading this story on flamingo personalities I think there is a real opportunity for a “Mean Girls” sequel focused on them. Speaking of animals, I also appreciate this very funny FYI from the National Park Service on bear safety.
Fun-fact Friday: The Supreme Court ruled unanimously that a tomato is a vegetable, not a fruit.
On tap, we’ve got stories on the unraveling of a fintech valued at $1 billion, another investment bank makes job cuts, and where you should move if you want to be happy.
But first, Bueller? Bueller? Bueller?
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1. Welp, see ya later.
Goldman Sachs’ partnership is a funny thing. It is arguably the most exclusive club on Wall Street. The type of group that only 1% of the 1% are able to reach. In many ways, it’s easier to become a brain surgeon than a Goldman partner (doctors, please spare me your hate mail). If you want to know about all the perks that come with it, click here.
And yet, the partnership is not a life sentence. Unlike other esteemed white-collar groups — the partners at law firm Cravath, Swaine & Moore, for example — turnover is somewhat common within the Goldman partnership.
Insider’s Carter Johnson and Dakin Campbell took a look at how many partners have left the bank since CEO David Solomon took over in 2018.
It is an interesting exercise in understanding the reach Goldman has. In many ways, it’s demonstrative of the allies the bank has across the Street. Plenty of partners leave only to turn around and hire the firm to work with their new employer. Former Goldman partners can be like missionaries for the bank, spreading the good word to anyone who will listen (and paying their fees).
Yet there are those who depart only to become a thorn in the bank’s side. Take Omer Ismail, who departed Goldman after being tapped to head its entire consumer business to launch ONE, the Walmart-backed fintech. Not only did Ismail go to a competitor, he ended up taking some top executives with him along the way. And as for Goldman’s consumer business, well we know how that story …read more
Source:: Business Insider
