Goldman Sachs promotes 280 top staff to managing directors

Oliver Smith
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GOLDMAN Sachs has named 280 employees who will be promoted to managing director this year, the second highest position at the investment bank.

Managing directors at Goldman typically receive a base salary of $500,000 (£311,330), excluding bonuses, lower than the $900,000 paid to the firm’s participating managing directors – the highest position at the firm, also known as partner.

One of the stars of the list is Andrew Silverman, a 28-year-old credit derivatives and bond trader working on Goldman’s distressed trading desk. He is one of the youngest ever employees to reach the coveted position of managing director.

Goldman Sachs’ record for promoting women to the position of managing director over the last five years has been between 20 and 23 per cent. Of the group this year less than 20 per cent of the employees promoted are female.