more-arw search

Goldman Sachs CFO discusses banker turnover

Goldman Sachs CFO discusses banker turnover

David Viniar, CFO of Goldman Sachs, answered questions on Tuesday about the recent exit of a number of the bank's major producers, The Associated Press reports.

Viniar, who spoke to analysts on a conference call to discuss the bank's first-quarter earnings, said the higher bank turnover was merely an expected aspect of Sachs' ongoing changes and developments.

Glenn Schorr, of Nomura Equity Research, noted the "decent number" of senior producers who have left Goldman in recent months, and asked if the turnover has led to any time spent worrying.

"We have statistically 15 to 20 percent of our partners leave every two years. You go back in history and you've seen that. And over the last four years coming into this year, very, very few left," Viniar responded. "And I think that was a testament to people's feelings about Goldman Sachs. It was a tough economic environment...and our partners are completely loyal and felt that they should stay with Goldman Sachs."

Amid news of high turnover, Goldman Sachs is also reportedly looking to sell one of its most notable portfolios, Petershill, to Asset Management Finance, a firm that takes stakes in money managers.