Goldman Sachs Promotes Record # of Managing Directors!

Today, Goldman Sachs appointed 321 Managing Directors, all one level below Partner. This number is sharply higher than the 272 in 2009 and 259 in 2008. Yesterday, 110 MDs were appointed to Partner, a highly coveted role. Twenty four percent of the MD promotions consisted of women, the highest percentage in Goldman's history. This is after the firm was sued in September by 3 former GS employees for discriminating against women in both pay and upward mobility. Interestingly enough, 45% of the new partners were based in the Americas, while 26% were in Asia. This pattern reflects the growth of the firm, now focusing on emerging markets.

According to Bloomberg, "Goldman Sachs Group Inc., the most profitable securities firm in Wall Street history, promoted a record number of employees to managing director, one level below the highest rank of partner.

The 321 appointments, up from 272 last year and 259 in 2008, were detailed in an internal memo obtained by Bloomberg News. The announcement came a day after the New York-based company selected 110 people to become partners, a designation that means they share in a special pool of compensation.

Goldman Sachs Chairman and Chief Executive Officer Lloyd Blankfein, 56, has presided over an expansion of the firm, with the total number of employees rising to 35,400 from about 24,000 when he took over in mid-2006. In promoting more employees this year, the company is rewarding people who stayed through the financial crisis, said Charles Peabody, an analyst at Portales Partners LLC.

"It's a function of trying to regain loyalty after turbulent times," said Peabody, who is based in New York and recommends investors buy Goldman Sachs stock.

Yesterday's promotions include the largest group of women ever, making up 24 percent of the new class, said Lucas van Praag, a spokesman in New York. Women make up 19 percent of all managing directors, including the new class, he said. Van Praag said "over 10 percent" of this year's new partners are women and declined to give a more specific figure.

Employee Lawsuit

Goldman Sachs was sued in September by three former employees who alleged that they faced discrimination in pay and fewer opportunities for promotion than men. Goldman Sachs has said the suit is without merit.

While half of the new managing directors are based in the Americas, 28 percent are in Europe, the Middle East and Africa and 22 percent are in Asia, van Praag said. He said the figures represent a marginal increase in the number outside the Americas.

About 45 percent of the new partners are based in the Americas, with 29 percent in Europe, the Middle East and Africa and 26 percent in Asia.

"That, I think, is reflective of where their growth is going to be," Peabody said of the hires outside the Americas.

The following is a list of the new managing directors from the internal memo:

James B. Adams

Geoffrey P. Adamson

Yashar Aghababaie

Nicole Agnew

John F. Aiello

Ahmet Akarli

Ali A. Al-Ali

Jorge Alcover

Moazzam Ali

Paolo Aloe

Shawn M. Anderson

Gina M. Angelico

John J. Arege

Paula G. Arrojo

Richard J. Asbery

Scot M. Baldry

Gargi Banerjee

Amit Bansal

Thomas J. Barrett

Roger K. Bartlett

Renee Beaumont

Stephen E. Becker

Mick J. Beekhuizen

Stuart R. Bevan

Ron Bezoza

Nick Bhuta

Christopher Biasotti

David R. Binnion

James Black

Michael Bogdan

Charles P. Bouckaert

Marco Branca

Didier Breant

Kelly Reed Brennan

Craig T. Bricker

Nellie Bronner

Kimberley Burchett

Sara Burigo

James M. Busby

Elizabeth A. Byrnes

Alvaro Camara

Ramon Camina Mendizabal

Tavis C. Cannell

Michael J. Casabianca

Jacqueline M. Cassidy

Leor Ceder

Gaurang Chadha

Brian D. Chadwick

Eli W. Chamberlain

Gilbert Chan

Kevin M. Chan

Isaac J. Chang

Devin N. Chanmugam

Francis S. Chlapowski

Dongsuk Choi

Stephen L. Christian

Peter I. Chu

Vania Chu

Susan M. Ciccarone

Emmanuel D. Clair

Bracha Cohen

Darren W. Cohen

Antony Courtney

Christopher J. Creed

Timothy J. Crowhurst

Helen A. Crowley

Elie M. Cukierman

Matthew J. Curtis

Jason S. Cuttler

Sterling D. Daines

Kevin Daly

Rajashree Datta

Samantha Davidson

Adam E. Davis

Sally Pope Davis

Raymond E. de Castro

Gilles M. Dellaert

Wim Den Hartog

George J. Dennis

Sara V. Devereux

Diana R. Dieckman

Avi Dimor

Lisa A. Donnelly

Igor Donnio

Mark T. Drabkin

Tilo A. Dresig

Thomas K. Dunlap

Steven M. Durham

Michael S. DuVally

Masahiro Ehara

Grant M. Eldred

Manal I. Eldumiati

Charles W. Evans

Anne Fairchild

Craig R. Farber

John W. Fathers

Lev Finkelstein

Warren P. Finnerty

Elizabeth O. Fischer

John J. Flynn

Veronica Foo

Francesca Fornasari

Christian L. Fritsch

Andrew J. Fry

Charles M. Fuller

Ruth Gao

David M. Garofalo

Lisheng Geng*

Luke F. Gillam

Lisa M. Giuffra de Diaz

Matthew J. Glickman

Parameswaran Gopikrishnan

Luke G. Gordon

Pooja Grover (IBD)

Patricia R. Hall

Anna Hardwick

John L. Harrisingh

Peter M. Hartley

Taimur Hassan

Gerrit Heine

Caroline Heller

Richard I. Hempsell

Isabelle Hennebelle-Warner

Jeremy P. Herman

Matthias Hieber

Amanda Hindlian

Darren S. Hodges

Edward Y. Huang

Simon Hurst

Edward McKay Hyde

Nagisa Inoue

Marc Irizarry

Shintaro Isono

Benon Z. Janos

Ronald Jansen

Darren Jarvis

Mikhail Jirnov

Benjamin R. Johnson

Richard Jones (GIR)

Mariam Kamshad

Makiko Kawamura

Christina Kelerchian

Andre H. Kelleners

Sven H. Khatri

Sandip Khosla

David A. Killian

Melinda Kleehamer

Maxim B. Klimov

Adriano Koelle

Goohoon Kwon

Thymios Kyriakopoulos

Laurent-Olivier Labeis

David R. Land

Lambert M. Lau

Sandra G. Lawson

David H. Leach

Terence Leng

Deborah A. Lento

Gavin J. Leo-Rhynie

Leon Leung

Ke Li

Qunmei Li**

Xing Li*

Sabrina Y. Liak

Jason R. Lilien

Kirk L. Lindstrom

Amy M. Liu

Bernard C. Liu

Nelson Lo

Kyri Loupis

Yvonne Low

Joshua Lu

Yvonne Lung

John G. Macpherson

Premal Madhavji

Marcello Magaletti

Todd M. Malan

Uday Malhotra

Upacala Mapatuna

Kristerfor T. Mastronardi

Ikuo Matsuhashi

Francois Mauran

Brendan M. McCarthy

Patrick E. McCarthy

Michael J. McCreesh

Mathew R. McDermott

Charles M. McGarraugh

Sean B. Meeker

Christopher J. Millar

Vahagn Minasian

Matthew R. Mitchell

Ryan C. Mitchell (EQ)

Christine Miyagishima

Igor Modlin

Michael Moizant

Petra Monteiro

Heather L. Mulahasani

Eric Murciano

Colin D. Murphy

Paul M. Mutter

Balachandra L. Naidu

Arvind Narayanan

Mani Natarajan

Antti K. Niini

Tomoya Nishikawa

Daniel Nissenbaum

Kevin Ohn

Thomas A. Osmond

Diana Y. Pae

David C. Page

Elena Paitra

Chrisos Papavasiliou

James Park

Katherine J. Park

Kyung-Ah Park

Ian L. Parker

Karen M. Parry

Benjamin R. Payne

Thomas G. Pease

Andrew J. Pena

Stuart R. Pendell

Ricardo H. Penfold

Jerry Z. Peng

Andrew Philipp

Sasa Pilipovic

Giovanna Pomilio

Asahi M. Pompey

Ling C. Pong

Michael A. Pope

Raya Prabhu

Macario Prieto

Joshua Purvis

Xiao Qin

Philippe Quix

J Ram

Rajiv Ramachandran

Maximilliano Ramirez

Gary M. Rapp

Felicia J. Rector

Christopher C. Rollins

Colin J. Ryan

Maheshwar R. Saireddy

Ricardo F. Salgado

David Sancho

Ian P. Savage

Bennett J. Schachter

Bruce J. Schanzer

Martin L. Schmelkin

Laurie E. Schmidt

Alexander A. Schnieders

Joseph Schultz

Dirk Schumacher

Carsten Schwarting

Thomas Schweppe

Dmitri Sedov

Ram Seethepalli

Stacy D. Selig

Kunal Shah (FICC, EMEA)

Tejas A. Shah

Alasdair G. Share

Kevin C. Shea

William Q. Shelton

Jie Shen*

Jason E. Silvers

Ales Sladic

Howard D. Sloan

Michelle D. Smith

Stephanie P. Smith

Thomas J. Smith

Sangam Sogani

Robert A. Spencer

Thomas G. Stelmach

Thomas A. Stokes

Sinead M. Strain

Phillip B. Suh

Jamie Sutherland

Anton Sychev

Brian A. Tafaro

Hideaki Takada

Konnin Tam

Bong Loo Tan

Yasuko Taniguchi

Daniel W. Tapson

Richard M. Thomas (Finance)

Francis S. Todd

Christos Tomaras

Lale Topcuoglu

Thomas A. Tormey

Chi Keung Tse

Weidong Tu**

Reha Tutuncu

Mei Ling Tye

Allen Ukritnukun

Nicholas A. Valtz

Nicholas J. van den Arend

Emile F. Van Dijk

Dirk-Jan M. Vanderbroeck

Alexandra S. Vargas

Peter G. Vermette

Matthew P. Verrochi

Cynthia L. Walker

Sindy Wan

Freda Wang

Yi Wang**

Mitchell S. Weiss

Greg R. Wilson

Mark J. Wilson

Gudrun Wolff

Isaac W. Wong

David J. Woodhouse

Stuart J. Wrigley

Jerry Wu*

Jihong Xiang**

Ying Xu

Lan Xue

Yoshiyuki Yamamoto

C.T. Yip*

Eugene Yoon

Angel Young

Daniel M. Young

Raheel Zia

*Employee of Goldman Sachs Gao Hua Securities Company Limited

**Employee of Beijing Gao Hua Securities Limited"

For more information, please visit: http://leverageacademy.com/blog/2010/11/18/goldma…

Comments (32)

 
Nov 19, 2010 - 6:23am

Wow, Kunal Shah was an EM Trading Associate in Q1 2009. Pretty ridiculous progression. He was out earning some of the VPs at the time though. He's only 27 as well ...

Associate to VP to MD in 1.5 years ... don't think I've ever heard of that before.

 
Nov 19, 2010 - 7:43am

Brown_Bateman:
Wow, Kunal Shah was an EM Trading Associate in Q1 2009. Pretty ridiculous progression. He was out earning some of the VPs at the time though. He's only 27 as well ...

Associate to VP to MD in 1.5 years ... don't think I've ever heard of that before.


that is insane. good for the dude thought, must be top quality.
 
Nov 19, 2010 - 8:16am

Brown_Bateman:
Wow, Kunal Shah was an EM Trading Associate in Q1 2009. Pretty ridiculous progression. He was out earning some of the VPs at the time though. He's only 27 as well ...

Associate to VP to MD in 1.5 years ... don't think I've ever heard of that before.

How is that even possible? I can maybe understand jumping VP to ED, but jumping that many ranks? He must of been generating some serious PnL.

"Greed, in all of its forms; greed for life, for money, for love, for knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA."
 
Nov 19, 2010 - 12:20pm

Brown_Bateman:
Wow, Kunal Shah was an EM Trading Associate in Q1 2009. Pretty ridiculous progression. He was out earning some of the VPs at the time though. He's only 27 as well ...

Associate to VP to MD in 1.5 years ... don't think I've ever heard of that before.

Could be a common name- I worked at GS and also knew a Kunal Shah at GS, he was a new grad in 2007.

 
Nov 21, 2010 - 2:35pm

Brown_Bateman:
Wow, Kunal Shah was an EM Trading Associate in Q1 2009. Pretty ridiculous progression. He was out earning some of the VPs at the time though. He's only 27 as well ...

Associate to VP to MD in 1.5 years ... don't think I've ever heard of that before.

The reason there are so many MDs this year is, rather counterintuitively, the fact that revenue is down. EM London revenue was recently reported to be 30-50% lower YoY. If they can't remunerate people in monetary terms, they are instead remunerated by a promotion and more prestige.

 
Nov 19, 2010 - 9:21am

Wow, I guess the year over year increase in promotions can be taken as a sign that hiring may get better in the coming Years? I hope so!

Thank for posting this definitely gave me some motivation to get back to studying for the GMATs lol. Have a good weekend!

Super Nintendo, Sega Genesis - when I was dead broke man I couldn't picture this
 
Nov 19, 2010 - 9:31am

Yeah, and he's also a lot older than 27. He's been at Goldman since July 2004, before which he was at Stanford completing his MBA.

-MBP
 
Nov 19, 2010 - 10:04am

everythingsucks:
Yeah, and he's also a lot older than 27. He's been at Goldman since July 2004, before which he was at Stanford completing his MBA.

just looked at his LinkedIn profile. Graduated from ugrad back in 01. I'd put him at the age of 30-31.
 
Nov 19, 2010 - 12:24pm

Its not my firm anymore, but I do find the increase strange- if everyone is an MD, what good is being an MD? I thought the number of new partners was large as well. That's 400 new people among the ranks of what is supposed to be the uber elite. Seems like a lot, though maybe those ranks got mowed down or forced out during the crisis. I heard my old MD was forced into an early retirement.

 
Nov 19, 2010 - 1:21pm

that's a good quality cold emailing list you got there.

"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 
Nov 19, 2010 - 2:55pm

Oreos:
that's a good quality cold emailing list you got there.

lol I wonder how many would respond if I cold-emailed every single one. I'm guessing 2 maximum.

Array

 
Nov 19, 2010 - 2:02pm

I've got a contact on this list and I'm trying to leverage the relationship into a job. Should I contact her? or would that be sucking up too much?

“Millionaires don't use astrology, billionaires do”
 
Nov 19, 2010 - 3:01pm

down on the upside:
I really hope Ali A. Al-Ali's middle name is Ali.

LOL
Snootchie Bootchies
 
Nov 19, 2010 - 10:42pm

Between Two Hedges:
Read a story, can't remember where, about GS de-partnerizing employees in each class. Has anyone heard about this happening at any other BB?

No other bank has a partnership structure like GS. Only 12% of equity has been issued. The rest belongs to the partnership pool and select retired employees. I believe the Sachs family may still control a portion, but I am not sure.

"Greed, in all of its forms; greed for life, for money, for love, for knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA."
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