Eight: That’s all that’s left of one of the most celebrated clubs in the history of Goldman Sachs Group Inc.
(Bloomberg) — Eight: That’s all that’s left of one of the most celebrated clubs in the history of Goldman Sachs Group Inc.
The holders of the coveted Goldman partner rank numbered 221 before that illustrious group took the company public in 1999. Now, that cohort of pre-IPO partners moves one step closer to vanishing with the exit of Tim O’Neill.
The 69-year-old’s retirement was announced this week, bringing an end to an almost-four-decade career across multiple business lines at the firm.
“I know a lot of people who think they are the smartest guy in every room,” said Lloyd Blankfein, the former chief executive officer of Goldman Sachs. “Tim probably never thinks that, but in his case it’s true.”
Even before O’Neill started at Goldman in 1985, he worked alongside Blankfein at the law firm started by William “Wild Bill” Donovan, the man better known as the founding father of today’s CIA.
Goldman was one of the last remaining major financial institutions to go public after decades of internal jousting over plans to list shares. The moment marked a new age of riches for its most senior executives, and a significant pivot for a firm that had amassed great success and power over a century as it finally surrendered some of its secrecy.
The partnership itself has since grown to include about 400 executives, though the rank has lost some of its luster as Goldman relinquished vestiges of the culture even as it kept the class in name.
O’Neill’s departure leaves Rich Friedman as the bank’s longest-tenured partner, with the duo rising to the top rank in 1990. Friedman helped shape Goldman’s private equity-style business arm.
“It’s sad to see Tim go. A great friend, a long-time partner and one of the best we’ve had,” Friedman said. “When you are in the twilight, you get reflective when this happens. We’re not machines over here.”
O’Neill was best known more recently for his role atop the investment-management division that oversaw Goldman’s asset and wealth management unit. He was then moved into a seat advising senior leaders at the firm in 2020.
But his 37-year journey at Goldman began within the group that was still known as J. Aron despite the commodities brokerage having been acquired by Goldman a few years earlier. There he helped expand the foreign-exchange business.
Then came more crucial contributions: He helped create the Goldman Sachs Commodity Index, a move that accelerated the embrace of the asset class by institutional investors. O’Neill was instrumental in the firm’s foray into power trading and even built an insurance business that was acquired by KKR & Co. last year in a deal valued at more than $4 billion.
He was also a key force in the creation and success of Intercontinental Exchange Inc.
“It’s hard to underestimate what a significant role he played in helping us build this company,” ICE CEO Jeff Sprecher said in an interview.
Sprecher recalled how the startup called on 107 companies in the first two years of forming the business until O’Neill took an interest and helped open doors — without seeking the attention.
“He’s the man behind the curtain,” he said. “He’s the Wizard in The Wizard of Oz.”
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