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Goldman Names 266 Managing Directors in Annual Promotion

Traders at the Goldman Sachs Group Inc. booth on the floor of the New York Stock Exchange (NYSE) in New York. Goldman Sachs Group Inc. promoted 266 employees to managing director, up from 261 last year. Photographer: Peter Foley/Bloomberg
Traders at the Goldman Sachs Group Inc. booth on the floor of the New York Stock Exchange (NYSE) in New York. Goldman Sachs Group Inc. promoted 266 employees to managing director, up from 261 last year. Photographer: Peter Foley/Bloomberg

Nov. 15 (Bloomberg) -- Goldman Sachs Group Inc. promoted 266 employees to managing director, up from 261 last year, as the fifth-biggest U.S. bank seeks to reward staff even as it pares expenses.

The annual promotions, which take effect Jan. 1, come one day after New York-based Goldman Sachs named 70 people to its so-called partnership, the fewest since the firm became a public company in 1999. Partners, also called participating managing directors, receive a higher salary than managing directors and share in a special bonus pool.

Goldman Sachs, led by Chief Executive Officer Lloyd C. Blankfein, has undertaken a $1.9 billion expense-reduction effort since the middle of last year as higher capital requirements and weak revenue growth cut return on equity. The company employed 32,600 people at the end of September, 3,100 fewer than at the end of 2010.

The investment bank expects that 7.2 percent of employees will be managing directors at the start of 2013, unchanged from a year earlier, according to Michael DuVally, a Goldman Sachs spokesman. 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 their total compensation into the millions of dollars.

Geographical Mix

The number of employees named managing director is down from a record 321 in 2010. About 58 percent of those just promoted are based in the Americas, 26 percent in Europe, Middle East and Africa, and 17 percent in Asia, DuVally said. Last year, about 46 percent were in the Americas, 30 percent in EMEA and 23 percent in Asia.

Women comprise 23 percent of the incoming class of managing directors, up from 19 percent in 2011 and down from 24 percent in 2010. The firm said yesterday that 10 of the 70 new partners, or 14 percent, are women.

Goldman Sachs, which announced today’s promotions in a statement, created the non-partner managing director title in 1996 to recognize top employees who weren’t yet partners. That 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 company names managing directors every year and elects new partners every other year. The following is a list of the new managing directors:

Zachary T. Ablon
Reyhaan Aboo
Jeff Albee
Carlos Albertotti
Shahzad Ali
David E. Alvillar
Timothy Amman
Lucia Arienti
Jacqueline Arthur
Willem Baars
Nilesh Banerjee
Michael Bang
Marc Banziger
Yibo Bao
Vlad Y. Barbalat
Tanya Barnes
Melissa Barrett
Dan Bennett
Alyssa Benza
Bruce Berg
Dinkar Bhatia
Meera Bhutta
Matthew G. Bieber
Keith Birch
Kerry Blum
Tim Boddy
Matteo Botto Poala
Ryan Boucher
Joseph Braik
Fernando Bravo
Chris Buddin
Paul H. Burchard
Caroline Carr
Marie-Ange Causse
Daniel Cepeda
Jean-Baptiste Champon
Raymond Chan
Rita Chan
Pierre Chavenon
Gigi Chavez de Arnavat
Angus Cheng
Nikhil Choraria
Adam Clark
Hugo Clark
Colin Convey
Piers Cox
Chris Crampton
Fredrik Creutz
Heidi Cruz
Angelo Curreli
Laurianne Curtil
Pol De Win
Matthew DeMonte
Anthony Dewell
Joshua A. Dickstein
Kuniaki Doi
Jessica Douieb
Martine Doyon
Jennifer Drake
Dexter D’Souza
David Dubner
Amy Elliott
Theodore Enders
Hugh Falcon
Aidan Farrell
Raymond Filocoma
Andrea Finan
Jeffrey Fine
James A. Fitzsimmons
Matthew Flett
Robert G. Frahm III
Alisdair Fraser
Barry Friedeman
Charlie Gailliot
Renyuan Gao
Manuel A. Garcia
Suzanne Gauron
Darren T. Gilbert
Jason Gilbert
Guillermo Gimenez
Eric Goldstein
Jamie Goodman
Betsy Gorton
Pooja Goyal
Jason Granet
David Granson
David Grant
Tim Grayson
Brian Greeff
Marci Green
Stephen Griffin
Kristen Grippi
Dinesh Gupta
Manav Gupta (Securities)
Yuhei Hara
Toshiya Hari
Todd Haskins
Aime Hendricks
Michael Henry
Peter U. Hermann
Alejandro Hernandez
James Herring
Jamie Higgins
Peter J. Hirst
Christopher Hogan
Mike Holmes
Jonathan P. Horner
Katie Hudson
Kenneth Hui
Lars Humble
Amer Ikanovic
Stephanie Ivy
Antoine Izard
Gunnar Jakobsson
Dong Soo Jang
James M. Joyce
John C. Joyce
Benjamin D. Kass
Christopher Keller
Simon J. Kingsbury
Judge Kirby
Jeffrey Klein
John H. Knorring
Marina Koupeeva
Jane Lah
Pierre Lamy
Arthur Leiz
Alex Levy
Alexander S. Lewis
Tim Li
Zheng Li (IBD)
Stephane Lintner
Ilya Lisansky
Darren Littlejohn
Jean Liu
John Liu
Wanlin Liu
Wendy Mahmouzian
Mazen Makarem
Daniel R. Mallinson
Thomas Manetta
Robert C. Mara III
Stephen Markman
Dunstan Marris
Jon May
Kristen McDuffy
Victoria McLean
Sean McWeeney Jr
Benoit Mercereau
Edouard Metrailler
Peter Michelsen
Samantha Migdal
Jeffrey Miller
Marko Milos
Teruko Miyoshi
Steven Moffitt
Sarah Mook
Hari Moorthy
Michael Moran
Paula P. Moreira
Alister A. Morrison
Peter Mortimer
Chukri Moubarak
Sara Naison-Tarajano
Anthony J. Nardi
Gleb Naumovich
Sean Naylen
Oliver Neal
Olaf Nordmeyer
Barry O’Brien
Patrick O’Connell
Zahabiya Officewala
Keisuke Okuda
Elizabeth Overbay
Robert A. Palazzi
Philip Pallone
Mitesh J. Parikh
Brian A. Pasquinelli
Nita Patel
Manolo Pedrini
Douglas Penick
David Perdue
Michael Perloff
Patrick Perreault
Alec Phillips
Marc Pillemer
Noah Poponak
Kim-Thu Posnett
Sameer Ralhan
Mo Ramani
Samuel Ramos
Andrea Raphael
Kareem Raymond
Neil Reeve
Claudia Reim
Grant Richard
Valentina Riva
Fernando Rivera
Brian Robinson
Tom Robinson
Javier Rodriguez (Operations)
David Roman
Katya Rosenblatt
Richard J. Rosenblum
Amanda Rubin
Bryan Rukin
Akshay Sahni
Gunjan Samtani
Lucas W. Sandral
Manu Sareen
Philip Saunders
Monika Schaller
Michael Schlee
Jonathan Schorr
Anton Schreider
Peter Schwab
Roy A. Schwartz
Joshua Schwimmer
Stuart Sclater-Booth
Kunal Shah
Martin Sharpe
Hao Shen*
Mark Siconolfi
Vanessa Simonetti
Amit Sinha
Matthew Slater
Ian Spaulding
Richard Spencer
Lesley Steele
Heiko Steinmetz
Michael Strafuss
Takashi Suwabe
Linda Tai
Laura Takacs
Maurice Tamman
Eng Guan Tan
Katsunori Tanaka
Bob Tankoos
Belina Thiagarajah
John R. Thomas
Cullen Thomason
Glenn Thorpe
Jonathan Tipermas
Michele Titi-Cappelli
Timothy G. Tomalin-Reeves
Carrie Van Syckel
Tammy VanArsdalen
Carmine Venezia
Frank Viola
Heather von Zuben
Monali Vora
Martin Walsh (Technology)
Ward Waltemath
Stephen Warren
Luke Wei
Matthew Weir
Chris Wells
Geoffrey M. Williams
Neil Wolitzer
Willie W. Wong
Nicola Wright
Makoto Yamada
Wendy Yun
Genya Zemlyakova
Jing Zhang**
Allen Zhao

*Employee of Goldman Sachs Gao Hua Securities Company Limited **Employee of Beijing Gao Hua Securities Company Limited

To contact the reporter on this story: Christine Harper in New York at charper@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

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