At Goldman Sachs, two things have nearly doubled in about a year — investment banking advisory fees and the size of the firm’s upper echelon management committee.
Two promotions this week took the number of members on Goldman’s management committee — or MC, to use its internal abbreviation — to a whopping 47. This is up from 24 members at the start of 2025, and means that more than one in every 10 Goldman partners now sits on its top management team. One Goldmanite told me the MC is now “incredibly bloated”.
Although the nomenclature varies, such a large senior management team makes Goldman an outlier on Wall Street. JPMorgan Chase and Morgan Stanley both have 13 members on their operating committees. European banks tend to be just as lean. UBS has 13 members on its group executive board while Barclays has 16 people on its executive committee.