Goldman Sachs Group Inc. will name no more than 60 partners in 2020, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

The bank's new class of partners, to be promoted next month, is likely to be its smallest since the mid-1990s, according to the report.

Goldman's partners own a stake in the firm and are the bank's most elite employees. The bank currently has nearly 500 partners in its ranks.

Under Chief Executive Officer David Solomon, Goldman's partnership ranks have been shrinking, as part of his broader efforts to make the Wall Street bank less top-heavy and also to raise the bar for employees seeking to become partners.

Partners will receive carried interest, a portion of future profits taxed at low rates, in four of Goldman's private investment funds starting this year, according to the report.

The firm will lend partners up to half a million dollars to increase their personal investment, the report added.

Last year, Goldman (GS) named 69 new partners, according to the report.

Goldman declined comment on the report.