Goldman Sachs Promotes 643 Managing Directors, Its Largest Class Ever
Bank says bigger class reflects investments in its asset-management and consumer arms
The Wall Street bank promoted 643 employees to managing directors, a 38% increase from the previous selection in 2019. New classes of managing directors and partners are chosen in alternating years.
Goldman named just 465 new managing directors two years ago, part of a bid to cut costs and renew the luster of its highest ranks.
The bank said the much-bigger 2021 class reflects the firm’s rising head count and investments in its asset-management and consumer arms. Goldman has about 43,000 employees, up from 37,800 two years ago.
New managing directors are granted access to the bank’s leadership-training program, private investment funds and a personal wealth adviser.
About 11% of the newly minted directors are based in areas the firm has identified as strategic locations, including Salt Lake City, Dallas and Bengaluru, India.
Goldman said the class is the most diverse in its history. It includes 30% women, up slightly from 29% in 2019. Close to 5% of the promoted directors are Black, up from 4% in 2019.
Goldman last month reported a big jump in third-quarter earnings, fueled by deal making.