Goldman Sachs Group Inc. (GS), the fifth-biggest U.S. bank by assets, promoted 280 employees to managing director, up from 266 last year, as it begins making the selections every two years instead of annually.
The promotions disclosed today on the company’s website take effect Jan. 1 and won’t happen again until 2015, after the bank decided earlier this year to change to a biennial process. New York-based Goldman Sachs last year named 70 people to its partnership, the fewest since the firm became a public company in 1999, and won’t promote new partners until next year.
Chief Executive Officer Lloyd C. Blankfein said yesterday that the firm is always focused on recruiting and retaining top talent, even as it sets aside a lower portion of revenue for compensation. Blankfein, 59, said the average tenure for employees with a title of vice president or higher is 9.1 years, up from 7.6 years in 2001. Managing director is the second-highest title among non-executives.
“The insight and perspective that is gained by living through several cycles is impossible to quantify, and having a group of professionals who have experienced those cycles together also carries an immeasurable benefit,” Blankfein said yesterday at an investor conference in New York.
The securities division has the most new managing directors with 94, while 51 are in investment banking, 39 in investment management, 14 in research and eight in merchant banking, said David Wells, a bank spokesman. The other 74 work for the firm’s administrative arm, known as “The Federation.”
About 56 percent of those just promoted are based in the Americas, 27 percent in Europe, Middle East and Africa, 15 percent in Asia-Pacific and 2 percent in India, Wells said. Last year, about 58 percent were in the Americas, 26 percent in EMEA and 17 percent in Asia.
Women comprise 20 percent of the incoming class of managing directors, compared with 23 percent in 2012 and 19 percent in 2011.
Average compensation cost per employee at Goldman Sachs fell 5 percent to $319,755 in the first nine months of 2013, even as revenue climbed 2 percent. The company employed 32,600 people at the end of September, 3,100 fewer than at the end of 2010.
Managing directors typically receive a base salary of $500,000, lower than the $900,000 granted to partners. Both also get bonuses that can boost total compensation into the millions of dollars.
About 7 percent of Goldman Sachs’s employees hold the managing director title. The firm created a non-partner managing director title in 1996 to recognize top workers who weren’t yet partners, and decided in March to switch from the annual tradition.
“A biennial process will allow us to invest more in the managing-director selection process so that it will continue to be a disciplined and rigorous exercise,” the bank said in a March memo to employees. “This will help to ensure that the managing director title remains as aspirational as it should be for our top performers.”
The firm’s first class of 87 managing directors included William C. Dudley, now president of the Federal Reserve Bank of New York; Clifford S. Asness, who left in 1998 to start hedge fund AQR Capital Management LLC; and Richard J. Gnodde, who was named co-head of global investment banking at Goldman Sachs in May 2011.
The following is a list of the new managing directors:
Katherine Abrat Afsheen Afshar Puneet Agarwal Sergio Akselrad Philip Aldis Jean Altier Bohm Margaret Anadu Vishweshwar Anantharam Alexi Antolovich Silvia Ardagna Matthew Armas Anthony Arnold Yacov Arnopolin Celine Assouline Roberto Awad Amin Azmoudeh Davie Baccei Eric Bai Taran Bakker Paddy Balasubramanian Kevin Barker Lindsay Basloe Peter Beckman Collin Bell Navtej Bhullar Francois-Xavier Bouillet Douglas Bouquard David Bowen Elizabeth Bowyer Sarah Brungs Michael Bruun Beat Cabiallavetta Niharika Cabiallavetta John Cahill Greg Calnon Robert Camacho David Campbell Thomas Campbell Michael Casey John Cassidy Pascal Cerf Tiffani Chambers Sharmini Chetwode Patricia Chew Travis Chmelka Lisa Coar Charles Cognata Dahlia Cohen Rod Colburn Peter Colven Stuart Connolly Stephen Considine Damien Courvalin Nora Creedon Alicia Crighton Adam Crook Piers Curle Michael D’Addario Aneesh Daga Matt Dailey Viktor Danielson Eric Dann Suzanne de Verdelon Banu Demirkiran Michael Deninno Stratford Dennis Anthony DeRose Arun Dhar Scott Diamond Rachel Diller Lin Ding Rohan Doctor Anthony Duggan Sinead Dunphy Michael Durso Michael Eakins Mike Ebeling Kene Ejikeme Simon Ennis Ashley Everett Amir Fais Joseph Femenia Ivan Fillon Andrew Fisher Andrew Flahive Brian Fortson Bridget Fraser Olivier Frendo Gedaliah Friedenberg Nicolas Friedman James Fulton Roger Gardiner Grace Ge Matija Gergolet Phil Giuca Brian Glass Ward Glassmeyer Craig Glassner Nicholas Godfrey Lawrence Grassi Jett Greenberg David Gribble Benjamin Grizzle Anil Grover Fredrik Grunberger Dominic Gurney David Ha Kirsten Hagen Digboloy Halder Phillip Han Sarah Harper Nick Hartley Hunter Henry Debra Herschmann Michael Hickey Michael Higgins Axel Hoefer Judy Hong Tim Hooley Erdit Hoxha James Huckaby Michael Husson Maximos Iakovlev Inci Isikli Omer Ismail Glade Jacobsen Sumedh Jaiswal Michael Jalkut Channa Jayaweera Derek Jean-Baptiste Chito Jeyarajah Jessica Jones Sami Kamhawi Geraldine Keefe Zaid Khaldi Talat Khan Gautam Khanna Robert Kimmel Hiroki Kimoto Gil Klemann Victor Klimchenko Gordon Kluzak Heidi Kniesel Kimiyasu Kono Joseph Konzelmann Eric Kramer Pavel Krotkov Rohit Kumar Yojiro Kunitomo David LaBianca Jonathan Lamm Adam Lane Risa Lederhandler Andrei Legostaev Matt Leisen Vincenzo Lento Wesley LePatner Xufa Liao Brian Liloia Reginaldo Lima Marcel Liplijn Malcolm MacDonald John Marshall Jonathan Matz Patty McCarthy Michael McGinn Alan McLean Olympia McNerney Scott Mehling Noa Meyer Alexandra Miani Jung Min Jerry Minier Anthony Mirabile Anindya Mohinta Mike Mooney Sam Morgan Will Morgan Peter Morreale Rick Morris Piyush Mubayi Kaushik Murali Mark Najarian Josh Newsome Logan Nicholson Mike Nickols Sergei Nodelman Jolie Norris Edward Oakley Timothy O’Donovan Brian O’Keeffe Mark Olivier Stephen Orr Bartosz Ostenda Enrico Ottavian Hiroshi Ozawa Matthew Papas Muir Paterson Cyrille Perard Chris Perez Amit Pilowsky Nick Pomponi Brandon Press Ken Prince Elizabeth Pritchard Grant Purtell Don Raab Radovan Radman Mohan Rajagopal Neema Raphael Michael Rendel Osmin Rivera Ludovic Rodhain Javier Rodriguez-Alarcon Cosmo Roe Andrew Rosivach Jennifer Roth Armin Rothauser Jonathan Rousse John Ryan Yassaman Salas Tom Scarpati Joao Schmidt Rachel Schnoll Marc Schreiber Bruce Schwartz Lyle Schwartz Anshul Sehgal John Semczuk Hideyuki Seo Jonathan Shapiro Johann Shudlick Andrew Silverman Brian Singer Jeremie Sokolowsky Simone Song William Stamatakis Jari Stehn Jeremy Stent Alan Stewart Daniel Strack Alexandra Stubbings Masato Sunaga Takaaki Suzuki Chia Min Tan Robert Tau Sujay Telang Baris Temelkuran Rene Theriault Bart Thomson Cassandra Tok Alex Tomas Karen Trapani Kamakshya Trivedi Emma Tsui Ervin Tu John Tully Thomas Turner Michael Ungari Krishnamurthy Vaidyanathan Anilu Vazquez-Ubarri Sofie Wacha Scott Walter Bryce Wan James Wang Kent Wasson Michael Watts Stephen Waxman Connie Wen Colin White Kyle Williams Stephen Withnell Audrey Woon Chiharu Yamagami Suzzanne Yao Rana Yared Bervan Yeh Tony Yip Emi Yoshibe Vladimir Zakharov
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