New Managing Directors At Goldman Sachs (GS)

(NYSE: GS) has indicated that 272 of its bankers will be taking up managing director positions that are to be effective next year. This is as per an internal mail that has been sourced by reporters. While this number is not a record - Goldman made 299 people managing directors in 2007 - this is still a substantial number.

The CEO of Goldman, Lloyd C. Blankfein and President Gary D. Cohn mentioned that these persons had been instrumental in helping the company survive the financial crisis. The indication was that the new managing directors will be extremely critical to the service of clients, maintaining a stellar reputation and also ensuring the success of the company over the long term. The company names partners every year. Those who get the new title may also get a larger part of the company compensation pool.

So far this year, the company has set aside more than $17 billion to pay employees, compared with $11.4 billion after the first three quarters of last year. The new titles will become effective January 1.