Bloomberg News

Goldman Sachs Names 261 Managing Directors, Fewest Since 2008

November 29, 2011

Nov. 18 (Bloomberg) -- 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 executive 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.

Goldman Sachs Chairman and Chief Executive Officer Lloyd C. Blankfein, 57, said this week that the firm is working to remain positioned for a rebound even as it eliminates about 1,000 jobs to contend with a drop in trading revenue. The company set aside $10 billion for employees’ salaries, bonuses and benefits in the first nine months of this year, equivalent to $292,836 per worker.

“The single most important thing we can do to enhance the value of our business is to continue to hire the best and brightest people from around the world,” Blankfein said on Nov. 15, at an investor conference in New York hosted by Bank of America Corp. “And once they get into Goldman Sachs we want to do everything we can to ensure that they have productive and stimulating careers.”

The company names managing directors annually and elects employees to the firm’s partnership, the highest status, in even-numbered years. Managing directors, though typically paid more than junior employees, don’t share in the special bonus pool reserved for the company’s partners.

The following is the list of Goldman Sachs’s “Managing Director Class of 2011.” The employees listed have been invited to become managing directors as of Jan. 1, 2012.

--Editors: Dan Kraut,

To contact the reporters on this story: Joshua Fineman in New York at Christine Harper in New York at

To contact the editors responsible for this story: Brad Skillman at Rick Green at

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