Goldman selects partners every two years, a throwback to its history as a private partnership and an attempt to preserve a culture that officially ended when the bank went public in 1999. The rank of Goldman partner is still one of the most sought after titles on Wall Street, largely for the wealth it can bring. Those who get called up are given a raise, a sizable chunk of the bonus pool and investment opportunities not available to other employees.
Of the 69 new partners, we highlighted a few standouts from different areas across the bank.
Thomas Malafronte, who sits on Goldman’s high-yield desk, made headlines in 2016 when he reportedly made $300 million buying up billions of dollars worth of junk bonds issued by energy firms and retailers from clients anxious to sell. Malafronte later sold them for a higher price when the markets recovered.
Malafronte’s trading prompted a review by the bank to ensure his trades complied with Dodd-Frank, according to Bloomberg News. Before joining Goldman, Malafronte worked on the investment grade trading desk at Credit Suisse, from 2010 to 2013. He got his start at Morgan Stanley, Goldman’s archrival, in 2005.
Source: Business Insider