What Happens If You Don't Get A 'Welcome Partner' Phone Call From Lloyd Blankfein or Gary Cohn ?

Lloyd Fonzie Blankfein

Just about this time tomorrow, around 70 Goldman professionals will be receiving a call from CEO Lloyd Blankfein or firm President Gary Cohn welcoming them to the 'partnership'.

Those that didn't make the cut will be consoled (before Blankfein and Cohn start making their calls) by their line managers.

'We just made ninety people partners', Blankfein said a few years back, 'And caused real distress for three hundred very capable people, which will lead to one-third of these people deciding they just cannot stay and have to leave the firm in a year or so.

'Another third will hope to make partner next time - in two years - and if they don't make it, they'll decide to leave or will be recruited away. The rest will adjust to reality and decide to stay'.

Reuters reports that Goldman is the only major Wall Street bank to retain this relic from its private partnership days, when senior investment bankers owned the firm, contributing capital and taking home their share of profits.

Employees with the 'partner' title still get a bigger portion of the bonus pool than other employees, and more say in Goldman's strategic direction.

Finally, The Wall Street Journal reports that Goldman will tap the smallest number of executives in more than a decade Wednesday to join its highly coveted partnership ranks, showing that the securities firm is paring down all the way to the top.

Goldman is expected to announce the promotion of about 70 employees to partner, said people familiar with the situation. The likely total is roughly one-third smaller than the 110 employees named partner by Goldman in 2010.

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