Goldman Sachs has elevated 35 executives at its offices in Bengaluru, Mumbai and Hyderabad to managing directors as part of the biennial promotions worldwide, the US investment bank and asset manager said.
The promotions in India constitute 5.8% of the 608 executives that it is elevating to managing directors effective Jan. 1, 2024, across its 44 offices, a company statement said.
The Wall Street firm had promoted 643 senior bankers to MDs in 2021, including 29 in India.
The promotions are a reflection of the firm’s growing investment in the country and the India footprint’s impact and contributions towards businesses globally, the firm said in a separate statement. India is the second largest presence of Goldman Sachs after New York, the firm's headquarters.
Goldman said it promoted four executives in Mumbai, 26 in Bengaluru and five at its Hyderabad office, which started operations in March 2021. Women accounted for 17% of the promotions.
Globally, Goldman promoted 80 Indian citizens this year, compared with 71 in 2021, to MD positions, which is the second-highest level at the firm after ‘Partner’.
In India, there will be a total 92 MDs including the new managing directors. There are more than 8,000 employees based in India, the firm said. The total number of MDs at the firm globally will be 2,775, which is 6% of the entire workforce of 45,900 professionals.
Goldman announces MD-level promotions every two years. While the number of promotions fell this year from 2021, they are higher than the 465 promotions Goldman handed out in 2019, before the Covid-19 pandemic.
The promotions come at a time when Goldman has also slashed more than 3,000 jobs this year as dealmaking slows. Goldman, like many other investment banks, had ramped up hiring in 2021 after the pandemic.
However, the number of mergers, acquisitions and initial public offerings has slowed over the past year amid aggressive rate hikes by central banks worldwide to control inflation and the Russian invasion of Ukraine.
Goldman said that, oOf the new managing directors, the Americas region accounted for 56%, Asia Pacific (excluding India) 10% and Europe, Middle East and Africa (EMEA) 29%. In 2021, the proportion was 60% for the Americas, 23% for EMEA, 12% for Asia Pacific and 5% in India.
The company said its mainstay businesses of investment banking and trading made up for 47% of the total promotions while about a quarter of the promotions came from asset and wealth management divisions. Women comprised 31% of this year’s promotions, a tad higher than the 30% in 2021.
“Our 2023 class reflects the firm's ongoing focus on advancing our strategic objectives, as well as on continuing to invest in our global footprint as we stay close to our clients around the world," Goldman CEO David Solomon and president John Waldron said in a note.
*The headline and text of this article have been updated based on additional information provided by Goldman Sachs.
