The elevation of 100 or so mere mortals to the status of partner at Goldman Sachs is always a big event for Goldmanologists. But this year’s announcement - along with details of the annual promotions to managing director – has given less of an indication of where Goldman Sachs thinks it is doing well, and more an insight into where it sees its future – and where the rest of the securities industry is likely to follow.

The details of this year's partners, the equivalent of the Praetorian Guard at Goldman Sachs with the managing directors their centurions, come at a critical time for both Goldman Sachs and its rivals. Humbled by a financial crisis that at times threatened to wash away an entire industry, investment banks are in search of a new model and a new direction. A new compass, if you will.