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.
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