Business as usual at the mighty Goldman Sachs.
Some 272 new managing directors have been named in an internal memo, with chairman and chief exec Lloyd Blankfein and the firm’s president Gary Cohn reportedly telling staff:
“As we continue navigating through a particularly challenging time in our industry, their leadership will be integral to our service to clients, the strength of our reputation and the long-term success of the firm.”
These are not partners, of course – that privilege is only bestowed every other year. But MD is one big step forward for the likes of Osama Al-Ayoub, who joined Goldman just a year ago from the Kuwait Investment Authority.
Promotion also promises a bigger portion of the infamous bonus pool.
Related links:
Goldman Sachs: Losing its glister – FT analysis
Goldman apologises for role in crisis – FT