Goldman Sachs Promoted 35 Executives to MD in India and 608 Worldwide
Goldman Sachs recently gave 35 employees in India a promotion to the post of MDs and promoted 608 people globally. This promotion in India represents about 6% of all the promotions happening around the world. In 2021, they promoted 29 people in India out of 643 globally. Out of the 35 promotions in India 17% are women. This shows that Goldman Sachs is increasing investments and recognising the impact of its operations in India on its global business. India is the second most significant location for Goldman Sachs after New York.
Globally, Goldman Sachs promoted 80 people from India to the position of managing directors, which is the second-highest level within the company, following the “Partner” level. Goldman Sachs makes these managing director-level promotions every two years. These promotions come at a time when Goldman has cut over 3,000 jobs this year due to a slowdown in dealmaking.
They mainly focused on the company’s core businesses, such as investment banking and trading, which made up 47% of all promotions. Around a quarter of promotions came from asset and wealth management divisions. In terms of gender, 31% of this year’s promotions were women, higher than the 30% in 2021.
These promotions are part of management’s commitment to advancing strategic goals and expanding their global presence to serve clients worldwide, according to CEO David Solomon and President John Waldron. Goldman Sachs promoted people to higher positions in different parts of the world. This time, 56% were in the Americas, 10% in Asia (except India), and 29% in Europe, the Middle East, and Africa. Last year, it was 60% in the Americas, 12% in Asia, 23% in Europe, and only 5% in India.