Goldman Bumps Up Managing Director Class to Biggest Ever

(Bloomberg) -- Goldman Sachs Group Inc.’s new class of managing directors is its biggest ever, with women accounting for fewer than one in three of the promotions. 

The firm named 643 members in its biennial announcement, a nearly 40% increase from two years ago, according to a statement Tuesday. 

A Goldman representative said part of the reason for the big jump in promotions is an increase in headcount at the firm since the last class was announced. 

The percentage of women promoted was roughly in line with the rate two years ago. Black and Hispanic employees each account for 5% of the incoming class. Some 30% of the class started at the bank as campus hires.

Goldman’s new class of managing directors have on average 11-year tenures with the bank. They hail from Goldman offices around the world and will take on the new titles Jan. 1, according to the statement.

©2021 Bloomberg L.P.