The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Hank hits out at bit-parts

Goldman Sachs CEO
Hank Paulson

Perhaps he'd had a bad night's sleep. Perhaps it was a slip of the tongue. Or perhaps the man who told us last June that we needed to buck up our standards in the wake of the corporate crises in the US simply wanted to tell the truth.

Whatever the reason, Goldman Sachs CEO Hank Paulson found himself saying in public what many have only ever said in private: that most employees at investment banks are purely bit-part players.

Paulson had the 8.15am slot at the Salomon Smith Barney financial services conference in New York, and was facing the end of his 22 minutes of questions following on from his 17-minute prepared speech when he was asked how to build for the future. "What you find in our business, and I really don't want to sound heartless, I just want to tell you the facts. What you find is that 15% to 20% of the people add 80% of the value. The traders with the risk experience, the people who do the deals, the people who bring the big clients in."

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree