Goldman Sachs Names 261 Managing Directors, Fewest Since 2008
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Goldman Sachs Group Inc., the fifth-biggest U.S. bank by assets, named the smallest group of new managing directors since 2008 as the firm cuts jobs and grapples with declining revenue.
The firm appointed 261 people to managing director, the company’s second-highest rank, according to an internal memo obtained by Bloomberg News. The number is down 19 percent from last year’s record list of 321 new managing directors and exceeds the 259 promotions in 2008. David Wells, a spokesman for the New York-based company, didn’t reply to an e-mail and two phone messages seeking confirmation of the memo.