Goldman Sachs’ newest partners include a star trader who made a $300m profit and a banker spearheading a crypto push (GS)


David Solomon

Goldman Sachs named its new partner class on Wednesday. It’s the first partner group under new CEO David Solomon and the class is more selective and diverse than ever. 

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. 

Here they are: 

Thomas Malafronte, Securities

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.

Boe Hartman, Technology

Boe Hartman joined Goldman Sachs from Barclays, originally to help Goldman’s Marcus lending unit get up and running. Since then, he’s been promoted to co-chief information officer for the firm’s banking subsidiary. He’s also head of consumer-banking technology and digital finance technology.  

At Barclays, Hartman was chief information officer for Barclay’s credit card operation. He spent more than a decade at Capital One prior to that. Hartman attended West Virginia University. 

Rana Yared, Securities

Yared is a senior member of an elite unit within Goldman’s sales and trading division known as the principal strategic investments group. The employees in PSI make investments in financial technology startups and in some cases even help build businesses within Goldman. 

Yared has been leading the firm’s foray into cryptocurrency trading, and she serves on the board of Goldman portfolio companies, including Kensho, a machine learning and analytics startup. She has degrees from the University of Pennsylvania and the London School of Economics and joined Goldman as an analyst in 2006.

See the rest of the story at Business Insider

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