Goldman Sachs Group, the fifth-biggest U.S. bank by assets, has promoted 261 personnel as managing directors this week, Reuters reports. The promoted managing directors include Hiroko Adachi, Sajid Ahmed, Flavio Aidar, Lee Alexander, Osman Ali and Axel Andre, adds Bloomberg.
The number of promotions this year is 19 percent lower than the 321 elevations as managing director in 2010 and also the least number since 259 were promoted in 2008. The decrease in promotions is in consonance with job cuts at Goldman and most of its Wall Street rivals during an unfavourable phase for trading and investment banking income.
Click here for the story from Reuters.
Click here for additional coverage from Bloomberg.