Goldman Sachs elevates 638 executives to Managing Director in latest promotion round

Goldman Sachs has promoted 638 executives to the coveted rank of managing director, marking one of Wall Street’s most closely watched promotion rounds. The figure represents a 5% increase from the firm’s 2023 class of 608, underscoring a return to growth as dealmaking and trading activity continue to recover from the post-pandemic slowdown.

In a companywide memo viewed by Business Insider, chief executive David Solomon and president John Waldron said the newly appointed managing directors had played a key role in strengthening Goldman’s core franchises, serving clients with excellence, and leading global teams. They added that the selection process remained “extremely difficult”, reflecting the firm’s rigorous internal standards.

The managing director title, conferred every other year in alternation with partner promotions, is regarded as a defining career milestone—one step below the bank’s elite partner level. This year’s cohort was chosen through an exhaustive “cross-ruffing” process, which involved more than 6,000 interviews conducted by existing partners and managing directors across business lines and regions.

Goldman did not break down how many of the new MDs belong to each division but confirmed that over 70% hail from revenue-generating businesses, including global banking and markets, as well as asset and wealth management. The strong representation from profit centres mirrors the bank’s solid performance in 2024, driven by a rebound in mergers and acquisitions and steady growth in equities trading.

The class also reflects ongoing challenges in diversity and inclusion. Of the 638 new MDs, 27%—or 172—are women, down from 186 in 2023. The decline follows recent remarks by Solomon acknowledging that Goldman has not made sufficient progress in improving gender balance across senior roles. Men make up 71% of the class, while 3% identify as members of the LGBTQ+ community and 1% are U.S. military veterans.

By ethnicity, 31% of the cohort are Asian, 3% Black, 4% Hispanic or Latinx, and 51% white. Nearly a third—31%—joined Goldman as campus hires straight out of university, and 29% have worked in more than one division. The average tenure among the new MDs is 12 years, underscoring the longevity typically required to reach the role.

Geographically, 56% of the new managing directors—358 in total—are based in the Americas, while 159 (25%) are spread across Europe, the Middle East and Africa. Another 78 (12%) are located in the broader Asia-Pacific region, and 43 (7%) are based in India, where Goldman maintains a significant operational presence.