Goldman Sachs has promoted 280 executives to managing director, one step down from the brass ring of partner. Promotions are up 5 percent over last year, when the firm named 266 employees managing director.
The securities business had more promotions (94 employees) than any other division. Seventy-four came from operations, legal and compliance, 51 came from investment banking, 39 came from investment management, 14 from research and 8 from merchant banking, according to a Goldman spokesman.
About 20 percent of all employees were women.
While the title of “managing director†is common among Wall Street firms, the title of “partner†is not. At Goldman, the term “partner†is also known as “participating managing director.â€
The promotion takes effect in January and typically translates to a base salary of $500,000, although bonuses can add significantly more. Speaking at the Bank of America-Merrill Lynch conference on Tuesday, Lloyd C. Blankfein, the firm’s chief executive, said that Goldman could cut bonuses and maintain staff because of how well the company rewards employees when times are good.
| Source: Goldman Sachs | |||
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