Goldman Sachs to promote 608 to managing directors, down from 2021
© Reuters. FILE PHOTO: The Goldman Sachs logo is on the floor of the New York Stock Exchange in New York City, U.S., July 13, 2021. REUTERS/Brendan McDermid/File PhotoNEW YORK - Goldman Sachs will promote 608 executives to managing directors next year, fewer than the 643 senior bankers it elevated two years ago, according to a company memo.
Of the new managing directors, 47% were promoted from Goldman's traditional mainstays of investment banking and trading, while 24% came from asset and wealth management and 2% from platform solutions, the company said. But progress on racial representation slowed, as Black employees accounted for only 2% of managing directors, down from 5% in 2021. Hispanic or Latino staff made up 4%, down from 5% in 2021.The cohort was 31% Asian, a record level and up from 28% 2021.
Departures and job cuts have accelerated after Goldman Sachs divided its business into three units last year and scaled back ambitions for its consumer business, which has lost $3 billion in the last three years.
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