In a symbol of how much Goldman Sachs Group Inc. has changed from its days as a true partnership, the company disclosed that the combined ownership of its so-called partners has dropped below 5 percent.
After departures and personal stock sales, the stake held by the bank’s most senior rank slipped to 4.79 percent as of July 3, according to a regulatory filing Wednesday. That’s down from 5.65 percent in late January, and from more than 60 percent after the firm’s initial public offering in May 1999. Periodic filings have shown for years that their holding has been gradually shrinking, and as long as it’s below 5 percent, the bank isn’t required to provide updates.
