It can take years to make partner at Goldman Sachs — unless you’re the bank’s new p.r. chieftain.
Hired only last March, Richard “Jake” Siewert, the head of corporate communications, could be among the 70 or so new partners the 144-year-old bank is set to announce this morning.
While it’s still a long shot, Siewert’s chances are bolstered by his Washington pedigree — he was a former press secretary for the Clinton administration — and the view that he helped buff the bank’s battered image.
Partners are selected every two years, and this year Goldman is expected to name fewer than in past years as Wall Street retrenches in the wake of the financial crisis.
It would be a major coup for Siewert to be tapped as a partner, given that most executives toil for several years before being given the keys to the executive washroom. They also get more prestige, higher pay and a slice of the firm’s profits.
Siewert’s predecessor, Lucas Van Praag, made partner in 2006 — five years after joining the firm.
The firm has about 440 partners, representing about 1 percent of its global work force.