Goldman Announces a Slimmed-Down Partnership Class Goldman Sachs announced on Wednesday that it had selected 70 executives to become partners, the smallest class size since the company went public in 1999. John Mallory, who oversees the western region of the firm's private wealth management business, is among the better-known names on the list. Mr. Mallory helps oversees the firm's relationship with the Steinbrenner family and played a key role in renegotiating Alex Rodriguez contract with the Yankees in 2007. Kent Clark, a senior executive in the asset management group who helps runs its hedge fund investments, also made the cut, as did Jack Daly, another executive from the firm's principal investment division. Goldman banker David Schwimmer and Heather Bellini, a well-known software industry research analyst, are among the other more recognizable names on the list. Notably not on the list is Jake Siewert, the firm's new public relations chief. While there had been some media speculation he would be promoted, those close to the firm had been playing down his chances, noting Mr. Siewert is not a revenue producer and had only recently joined Goldman. Lucas van Praag, Mr. Siewert's predecessor, became a partner in 2006 after almost six years at the firm and during a more profitable period for Goldman. But Russell Horwitz, who is chief of staff to firm chief executive officer Lloyd C. Blankfein and secretary to the firm's powerful management committee, did get promoted. He had a hand in hiring Mr. Siewert and plays a role in forming the firm's public relations strategy. The small class size is indicative of the new economics on Wall Street. Goldman and other firms have been cutting their payroll in the wake of new regulations that have forced firms out of some businesses and pushed them to hold more capital in other areas, cutting into profitability. The firm currently had 32,600 people on the payroll at the end of its last quarter, down from 35,400 e during the same time in 2010, the last time it announced a partner class. That time around Goldman picked 110 new partners. In 2008, during the height of the financial crisis, 94 new partners were named. Goldman picks a new partner class every two years, and top executives spend months vetting the candidates. Executives can spend years trying to make the cut and those who do are typically rewarded financially and have an inside track to top jobs at the firm. Goldman's partnership culture it is a bit of an oddity on Wall Street as the firm and its rivals shed their partner structures years ago when they went public. Goldman, however, hung onto the process of selecting partners, seeing it as a good way to create incentives and promote its top performers. Now that the partner class has been announced, there will likely be a round of departures at the firm, as those who did not make the cut decide to leave. The average tenure of a partner is about eight years. Candidates are judged on many qualities, primarily their financial contribution to the firm. Still, lawyers and risk managers -- who are not big revenue producers - also make the cut. Wednesday's announcement brings the current partner pool to almost 480. "We congratulate all those selected on this important achievement and look forward to their leadership in the years ahead," Mr. Blankfein said in a statement. Goldman's Press Release on New Partners (PDF) Goldman's Press Release on New Partners (Text)