Goldman Sachs, a leading global investment bank, has promoted 266 executives as managing director, of which 16 are of Indian-origin. This follows a day after it selected 70 executives to become its new partners of which at least three are of Indian origin.
While the additions to the partnership position was the smallest the company has announced since it went public in 1999, it had five more executives promoted as managing directors compared to the previous year. Partnership positions are decided once every two years, while managing directors get elevated annually.
Managing directors pocket around $500,000 each year a little over half of what the partners get in fixed compensation. Elevation to a MD level is said to be more of an acknowledgement of a higher role in the global financial services giant in the future.
The 16 persons of Indian origin who figure among the new managing directors this year are: Nilesh Banerjee, Dinkar Bhatia, Meera Bhutta, Nikhil Choraria, Pooja Goyal, Dinesh Gupta, Manav Gupta, Hari Moorthy, Mitesh J Parikh, Nita Patel, Sameer Ralhan, Akshay Sahni, Gunjan Samtani, Kunal Shah, Amit Sinha and Monali Vora.
“We congratulate all those selected on this important achievement and look forward to their leadership in the years ahead,” Goldman Sachs’ Chairman and Chief Executive Officer Lloyd C Blankfein said.
Early this week, Goldman Sachs promoted at least three Indian origin executives as partners including Vivek Bantwal, Amol Naik and Gaurav Seth.
The number of new partners has been slashed as part of the firm’s strategy to slim down globally. It currently has 32,600 people on payroll, compared with 35,400 in 2010.
(Edited by Prem Udayabhanu)