In a biennial promotion cycle, Goldman Sachs has promoted 608 employees to the position of Managing Director across 44 locations, effective as of January 1, 2024.
The Managing Director is considered the second-highest level at the firm, following the 'Partner' level. This year, the total number of promoted employees brings the count of MDs to 2,775, constituting 6% of the entire workforce.
Additionally, 35 employees promoted to the MD level are exclusively from the offices in India, underlining the investment banking firm's strong foothold in the country. Notably, the majority of these promotions, 26 in total, are for employees based in the Bengaluru office. This is followed by five employees based in the newly established office in Hyderabad and four employees in the Mumbai office.
Interestingly, 17% of the newly promoted Managing Directors in India are women, while globally, 31% of these promotions are for women employees, reflecting the firm's commitment to providing equal opportunities in leadership roles.
This year, India secured the second position with 5.8% of the total Goldman Sachs MD promotions in 2023, signifying a notable 16.6% increase. In 2021, a total of 29 Indian employees received promotions, representing just 4.7% of the total promotions. Furthermore, in a global context, 80 Indian citizens have been promoted as compared to 71 in 2021.
In a company-wide email, the investment banking firm stated, “The Managing Director Class of 2023 comprises an exceptional group of individuals from across the firm who have made meaningful contributions to the firm and our business. They embody the best of our culture, helping to drive our longstanding commitment to collaboration, innovation, and excellence in execution across their teams.”
Extending wishes to all the employees who have been promoted, the firm added, “Please join us in congratulating the Managing Director Class of 2023 on this tremendous achievement. We wish them continued success.”