Goldman Sachs Names 261 Managing Directors

Goldman Sachs Group Inc (GS.N) promoted 261 employees to managing directors this week, according to an internal memo sent this week, as the bank seeks to retain top talent amid a wave of layoffs across Wall Street.

This year's list represents a 19 percent drop from the 321 employees named managing director in 2010 and the lowest amount since 259 were promoted in 2008.

The decline in promotions correlates with layoffs occurring at Goldman and most of its Wall Street competitors during a tough period for trading and investment banking revenue.

Goldman's overall workforce declined by 1,300 employees from June 30 to September 30 as the bank tries to wring out at least $1 billion in cost savings to protect its bottom line.

During the quarter, Goldman lost $428 million, only the second quarterly loss in its 12 years as a public company, while revenue declined 60 percent from the year-ago period.

Still, the bank is also working to retain talented young professionals, particularly in growth markets such as Asia and Latin America.

In a presentation on Tuesday, Chief Executive Lloyd Blankfein said nearly 300,000 people applied to work at Goldman Sachs in 2010 and 2011 and the bank hired less than 4 percent of that pool.

"Our commitment to attract talented professionals doesn't end with recruiting," said Blankfein. "We commit significant resources to their continued development."

Managing director is a coveted position among more junior Goldman employees and often takes years to achieve. The position is one level below partner managing directors, the most senior position at the firm and a relic from its days as a private Wall Street partnership.

Blankfein said the average tenure of a managing director is about 12 years, while partners average 15.5 years at the bank.

Goldman declined to comment on the promotion memo, which was sent on Wednesday.

(Reporting by Lauren Tara LaCapra in New York; editing by Andre Grenon)

Copyright 2011 Thomson Reuters. Click for Restrictions.

Comments

[liarfire]

12:07 AM on 12/01/2011

Goldman Sacks Announces today its adopting a new policy of honesty and changing its name to Blood funnel.

[WrongApeture]

01:13 PM on 11/21/2011

Top Talent.
Yeah, the top chrome 'to draw or pull' performers get promoted.
SMH

[Peanut Santiago]

11:02 PM on 11/20/2011

Goldman Sachs should be plowed under.....with its top people.

[foxy225]

05:40 PM on 11/20/2011

These CEO folks have said they deserve very high compensation and bonuses because
they are talented "experts" However it appears they do not Know what they were doing
MALPRATICE. Stockholders why are these people like Ken Lewis not being sued
for stupid decisions. Buying Countrywide when any one who could read knew they
were in BIG trouble. Then Merrily Lynch when it was obvious John Thune was a crook

[pinetrale]

01:18 PM on 11/20/2011

They sure have a big glass walled gleaming building. It must be one of the biggest in New York. I wonder what it cost? Do other firms occupy any of the floors? Its really a catherdral to what they do.

[unique]

12:01 PM on 11/20/2011

261 Managing Directors appointed.
These are the real criminals.
Goldman Sachs should have gone down
instead of being bailed out, but Congress
had too much stock in them to let them sink.

[JWoode]

11:29 AM on 11/20/2011

"Still, the bank is also working to retain talented young professionals, particularly in growth markets such as Asia and Latin America."

The key to success in America today.

[Harvey32]

02:43 AM on 11/20/2011

How much "talent" does one need to have in order to crash an economy?

Methinks that Alfred E. Newmann would work cheaper and produce the same results.

[unique]

12:02 PM on 11/20/2011

The President and Congress makes less money than these criminals.

[JBaker]

11:05 PM on 11/19/2011

And what is Goldman Sacks definition of top talent? Those who steal the fastest and cover their tracks?

If Goldman's former bosses and employees were not running much of the economic policy of the country, that firm would have been sliced into small pieces and sold off to its competitors.

[fortressfountain]

07:11 PM on 11/19/2011

Humm, I want to be their "Top Talent" I will work for 1/2 of what they earn and less of a bonus. I will give them the bonus of losing a lot more money. When that happens I will get another executive position to loose even more money.

[fredgladys]

04:16 PM on 11/19/2011

I'm wondering what the term 'top talent' actually means, it doesn't appear that any of these stars saw what was happening in the country or their company. Did they raise the warning flag with higher level management or just take the goodies and keep quiet. If they didn't have a clue as to the problems ahead how can they be categorized as top talent.

[unique]

12:05 PM on 11/20/2011

All the clues were there.
They knew what they were doing
they all just ignored the clues.
They knew the government would
bail them out with our money.

[ur2nutty4me]

01:42 PM on 11/19/2011

I wonder how much it cost those 261 in bribes to their superiors to make that list. Starting to eat are own are we...........................

[Antifascist-08]

12:42 PM on 11/19/2011

Now they are eating their own. GS should be flushed down the toilet.

[paid trawler]

08:47 AM on 11/19/2011

until wall st thieves like lloyd blankenfein are indicted for their crimes, this country can never move forward.

[paid trawler]

08:45 AM on 11/19/2011

what i think of gs couldn't be published here.