Goldman Sachs named the smallest number of new partners since the bank went public in the 1990s as chief executive David Solomon continues to pare back the number of promotions to the coveted rank.

The US bank has named 60 people to partner, the highest rank at the bank that harks back to its days as a private company. This is a decrease of 13% on the previous year and the smallest number since the company went public in 1999.