Goldman Names Managing Directors in Biennial Promotions

Photographer: Andrew Harrer/Bloomberg

Lloyd Blankfein, chief executive officer of Goldman Sachs Group Inc., right, 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. Close

Lloyd Blankfein, chief executive officer of Goldman Sachs Group Inc., right, said the... Read More

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Photographer: Andrew Harrer/Bloomberg

Lloyd Blankfein, chief executive officer of Goldman Sachs Group Inc., right, 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.

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 Federation’

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.

‘Rigorous Exercise’

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

To contact the reporter on this story: Michael J. Moore in New York at mmoore55@bloomberg.net

To contact the editor responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net

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