Can a PR employee make partner?
Most Goldman Sachs partners come from revenue-producing business units.
It's certainly possible, however, for a PR executive to make the list, or a risk management executive or even an IT executive. Given the critical nature of public relations at Goldman Sachs, which has been in the eye of a media storm for years, the top PR executive is a high-profile platform that will spotlight his or her contributions.
That may explain why the New York Post suggested that Richard "Jake" Siewert, the head of corporate communications, "could be among the 70 or so new partners" Goldman Sachs named this year.
"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."
As it turns out, the speculation was way off base. He was passed over, which can't be seen as a defeat, as he has only been with the bank since March. DealBook notes the internal view that. 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."
However, "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."
Recall that van Praag resigned not too long ago, following an extended period of negative press for the bank.
Goldman Sachs to announce new partners