Goldman Sachs Group Inc., the most profitable securities firm in Wall Street history, promoted a record number of employees to managing director, boosting their pay and status as investment banks recover from the financial crisis.
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.
Managing directors are one level below the highest rank of partner. While they typically receive higher pay than more junior employees, they don’t share in the special bonus pool reserved for partners.
Most Women Ever
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.
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
To contact the editor responsible for this story: David Scheer at firstname.lastname@example.org.