Acknowledging the contributions made by 608 of its team members from across 48 of its global offices, representing 52 countries of citizenship, Goldman Sachs has invited them to be part of the Managing Director Class of 2023. The financial institution has chosen these individuals for the valuable contributions they have made to the success and growth of the business. This select list comprises individuals who uphold the culture of Goldman Sachs and have done their bit to help the institution maintain its status as an innovative and collaborative workplace pursuing excellence.
The chosen 608 people will take on managing director roles starting 1 January 2024.While 56 per cent of those on the list are from the Americas, 29 per cent are from EMEA, five per cent from India and 10 per cent from the Asia Pacific.
This is also the largest ever promotion to MD in India, with 35 employees from three offices being invited to take on the managing director role — four from Mumbai, 26 from Bengaluru and five from Hyderabad. Of these, about 17 per cent are women, 60 per cent from finance functions and about 40 per cent from engineering.
In the 2021 promotion cycle, 29 people from the India team were promoted to MD position. After the headquarters in New York, India is Goldman Sachs’ largest team, with 5.8 per cent of them making it to the MD position this year, compared to 4.7 per cent in 2021. That means, even though the MD Class list has become shorter by 5.4 per cent, the number of names from India has gone up 16.6 per cent in 2023, compared to 2021.
A significant 31 per cent (191) of the latest class comprises Asians, 31 per cent of it consists of women and four per cent are Hispanic or Latinx. Three per cent are from the LGBTQ+ community (20 people), while three per cent (17) are veterans and two per cent (13) are Black.
While 32 per cent of those who made it to the Class have worked in more than one division of Goldman Sachs, 35 per cent started off at the institution as campus hires. Nineteen per cent have worked for Goldman Sachs in more than one region, while 65 per cent started off as experienced hires.
The average tenure of these 608 people is 12 years. Forty-six per cent of them have earned advanced degrees.
The MD promotion cycle at Goldman Sachs is done every two years. It is the bank’s second highest level after ‘Partner’. With the announcement of this list, the total number of MDs at Goldman Sachs goes up to 2,775, that is, six per cent of the 45,900 global team.