How Goldman is transforming its alumni network into the ultimate inner circle

Alison MassCourtesy of Goldman SachsGoldman's alumni network is undergoing an upgrade under investment banking chair Alison Mass.Mass has rolled out new systems and features to strengthen the bank's ties with its former execs.From exclusive dinners in London to a job-matching service, members took us inside the power hub.When executives leave Goldman Sachs, they don't really leave. They may take on new titles, relocate, or pivot industries altogether — but they often maintain close ties to the Wall Street bank. And the bank wants to maintain ties to them, too.Now, the bank is taking full advantage of this dynamic by overhauling its alumni network to formalize and strengthen its ties with former employees.In late 2022, CEO David Solomon and President John Waldron tapped Alison Mass, the firm's chairman of investment banking, to take over leadership of the group. In that time, Mass, a veteran dealmaker, has transformed the group from a semi-formal network with a monthly newsletter to one of Wall Street's most exclusive inner circles — offering access to top jobs, elite gatherings, and more.Mass and five current and former Goldman employees — several of whom had attained the coveted title of partner when they left — gave Business Insider a look inside the overhaul, from the biggest perks for members to how the transformation is benefiting the bank.Worldwide RolodexGoldman launched its alumni association in 2005 with the creation of the Office of Alumni Engagement, a dedicated team that plans events, tracks alumni career paths, and connects with the firm's 115,000 former employees around the world.Every former employee is automatically given membership status, though the greatest perks have always been afforded to its most powerful members: former Goldman partners, who make up more than 1,000 members.Robin Vince is a Goldman Sachs alum and current CEO of the bank BNY.PATRICK T. FALLON/AFP via Getty ImagesGoldman has good reason to stay closely connected to its former executives, many of whom go on to hold high-powered roles. Alumni include Mark Carney, the prime minister of Canada and former head of that country's central bank, and Robin Vince, the CEO of BNY. Rishi Sunak, the former prime minister of the United Kingdom, recently returned to Goldman as a senior advisor.The bank's most recent data shows its alumni network includes 600 C-suite execs, 15 sports team owners, CEOs, or advisors, and more than 275 people with C-suite or managing partner titles at companies with market caps of either more than $1 billion or assets under management of more than $5 billion.Maintaining close ties helps generate commercial opportunities for the bank. Early in her tenure, Mass recalled a conversation with a former partner looking to sell his company—but unsure whom to call. She made the connection, and two years later, Goldman closed the deal.Alumni also benefit: Katie Koch, CEO of asset manager TCW, who left Goldman in 2022 just as the alumni network's transformation was getting underway, said not a day goes by where she doesn't speak with a current or former Goldman partner "to work on my business or help someone else work on their business," she said, adding: "I've also hired people from Goldman to help me with the transformation of TCW."Mark Carney and Donald TrumpChip Somodevilla/Getty ImagesInside the transformationWith more than two decades of experience cutting deals and courting corporate clients, Mass knows how to manage powerful people — and it shows in how she runs the alumni association. She personally calls every departing partner for a one-on-one conversation a few months after they leave. She also spearheaded a program to deliver handwritten notes to new partners from retired partners who once mentored them.She sees it as a space for thought leaders to reconnect, exchange ideas, and maybe even strike some deals. One of her marquis upgrades has been the establishment of a private jobs marketplace where alumni can post jobs for other alumni, helping the network stay competitive in the talent market."Everyone worked with these people. They are friends," Mass told Business Insider in an interview. "It's people who mentored them. It's people who they mentor. It's their clients. And it's fun."She revamped the newsletter to spotlight different alumni each month, streamlined the flow of emails, and has been inviting partners to speak to staff and provide mentorship support. The organization continues to host twice-yearly dinners for partners in London and New York.Mass, who remains a rainmaker for the bank, is also bringing her business acumen to the project. When she took over, she assembled a task force of top partners to steer the group, including Jared Cohen, Jack Sebastian, and Sara Naison-Tarajano.She set up targets to measure the group's success, and worked to align the network with the bank's OneGS strategy, a cross-company initiative to boost business and collaboration.She also established an internal tracking system to identify every alum from the firm, which allows the bank to more easily brief bankers ahead of any meeting with a former Goldman employee.Katie Koch of TWCCourtesy of GoldmanThe barbecues and hobnobbingGoldman formers who spoke to BI said the benefits of staying in touch with former colleagues, whether through formal channels or otherwise, can be hard to quantify.For Prabir Adarkar, the president of DoorDash, those ties remain deeply personal. Adarkar, who lives in the Bay Area, hosts an annual summer barbecue where "50% of the people there are ex-Goldman or current Goldman" employees. Some are parents from his kids' school, while many others are colleagues from his time with the firm. "The kids are in the pool, and the grownups are people that I know through my time at Goldman."Earl Hunt, CEO of the private asset giant Apollo Global Management's debt financing unit, Apollo Debt Solutions, said he credits his Goldman relationships with helping him build Apollo's credit fund, which has made nearly $19 billion in investments.Those connections don't just help alumni—they help Goldman, too. Take Haidee Lee, the bank's global head of financial sponsors M&A: After three years working for a rival bank, Lee was lured back in 2024 by her former colleagues."Even during the years I spent outside the firm, those relationships didn't fade," said Lee. "I stayed in close touch with colleagues across levels, some of whom became trusted thought partners and friends," she continued. "And that spirit is a direct reflection of the unique culture at Goldman Sachs. It doesn't end when you leave the building."Read the original article on Business Insider

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