New York: Goldman Sachs has witnessed an unusual surge in senior banker departures this year, with more than a dozen top investment professionals leaving the firm. Sources close to the situation attribute the exits to internal leadership reshuffles and a slower start to 2025’s dealmaking activity, prompting several bankers to seek opportunities elsewhere.
Several departing bankers reportedly expected promotions into Goldman’s elite partner class, while others anticipated reduced bonuses due to the first-half dealmaking lull. Many have joined rival banks such as JPMorgan Chase, Wells Fargo, and Citigroup, as well as boutique investment firms like Evercore. Despite the departures, Goldman continues to lead Wall Street’s mergers and acquisitions league tables, with net investment banking revenue for the first nine months of the year reaching its highest level since 2021.
Goldman has advised on several high-profile deals in 2025, including Electronic Arts’ $55 billion sale to private equity firms and Saudi Arabia’s Public Investment Fund, as well as Holcim’s $26 billion North American spinoff. Analysts note that while fewer deals were completed overall, the size and scale of these megadeals required fewer bankers, partly explaining the workforce adjustments.
In response to these changes, Goldman Sachs has implemented significant leadership restructuring, appointing co-heads across major divisions, adding six new management committee members, and creating a new financing division. Annual staffing cuts were also accelerated to the second quarter, reducing headcount by 2% to 45,900 employees.
Looking forward, Goldman plans to announce a new partner class in 2026, following the appointment of 95 partners in 2024. The firm’s shares have surged nearly 38% this year, reflecting strong market performance and confidence in Goldman’s strategic positioning despite recent personnel changes.
This reshuffle highlights the delicate balance between maintaining top-tier talent and adapting to fluctuations in global dealmaking activity, underscoring Goldman Sachs’ ongoing efforts to strengthen its franchise amid evolving market conditions.