Goldman Sachs partners disappear after bonus round as traders join hedge funds

Multiple partner-level departures in the weeks around the end-of-year bonus round have left Goldman Sachs with at least two empty partner spots and sent senior trading talent to hedge funds, eFinancialCareers reported on Feb. 27, 2026. The Morning Coffee column named Nikhil Choraria and Erdit Hoxha among the recent exits and cited Financial Times reporting that Hoxha is joining Millennium.

Erdit Hoxha, 43, was promoted to equities co-head in 2025 after joining Goldman in the 2004 analyst class, becoming an MD in 2013 and partner in 2016, eFinancialCareers reported. The same piece noted Hoxha was born in Tirana and studied finance at Bocconi University. eFinancialCareers added that Hoxha is “joining Millennium's office of the chief investment officer” and that “Hoxha, at least, would like a bit more. Millennium is known for its large packages. Given that Hoxha is joining Millennium's office of the chief investment officer, his package there may be larger than most.”

Nikhil Choraria was described by eFinancialCareers as the “first exit,” having run Goldman’s inflation trading desk that “made $450m in 2021.” Choraria joined Goldman in the 2004 analyst class, was promoted to MD in 2012 and became a partner in 2018. eFinancialCareers said Choraria “vanished into the ether” after leaving the firm and observed that “Both men have enough money to never work again.”

The departures come against a backdrop of partner-level pay and shifting incentives. eFinancialCareers wrote that “Goldman Sachs partners receive salaries of $950k, plus bonuses, plus profit shares, plus opportunities to coinvest in Goldman's own funds,” underscoring why senior talent can both be financially secure and yet responsive to rival offers.

Turnover has not been limited to partners. Business Insider reported steep cuts in junior pay this bonus season, saying first-year associate bonuses this August ranged from $25,000 on the low end to $75,000 for top performers, compared with last year’s top healthcare performers getting up to $200,000. An ex-associate told Business Insider the figures were “about 60% lower for both associates and analysts.” Business Insider also reported six first-year analysts handed in notices and left the same day after receiving year-end bonuses earlier this month, while five associates departed in recent weeks; a person close to the bank said, “There's always natural turnover around bonus season, and this small number of departures is par for the course,” and a current US employee said, “The consensus was just that they were being worked hard and felt unappreciated.”

Goldman has also tightened enforcement of exit agreements in high-profile cases, the New York Post reported citing Bloomberg. The Post said former division heads Gregg Lemkau and Eric Lane reportedly lost unvested stock options worth millions, and that Omer Ismail and deputy David Stark were denied cashout of vested bonuses and were banned from company alumni events after leaving to run a Walmart-backed startup; the Post quoted the bank: “Equity awards are governed by the agreement signed by the recipient” and added Goldman’s line that “In each case mentioned by Bloomberg, there were explicit terms which were upheld.”

Despite the churn, Business Times reported Goldman still tops Wall Street’s M&A league tables and that investment banking net revenue in the nine months rose to the highest level since 2021, citing Dealogic. The paper noted Goldman advised on Electronic Arts’ $55 billion sale and Holcim’s North American spinoff valued at $26 billion, and quoted Kevin Sneader, president of Asia Pacific ex-Japan at Goldman Sachs: “There is incremental flow in this part of the world. I think it’s important to put it in the context of a diversification movement, not an exit movement.” Business Times also reported the bank “will announce new partners in 2026,” and Goldman told the paper, “We always look to run our firm in service of our clients and shareholders. Goldman Sachs succeeds because of our exceptional teams and strength of our franchise.”

The churn includes diversity implications flagged by the New York Post: partner Stephanie Smith, described as “one of just five black women partners,” left for an executive role at BlackRock, and the Post highlighted exits such as Jason Mathews and Ram Sundaram. With two partner slots vacated by long-tenured 2004 analyst-class alumni and hedge funds actively recruiting senior Goldman traders, the bank must balance the firm’s deal momentum with retention pressure and tightened exit enforcement as it prepares to name new partners in 2026.