The latest ever MD promotion in India is a reflection of the company’s investments in the country, a major footprint and a deep fintech hub globally. In the 2019 MD promotion cycle, the company had 18 MD promotions in India, which represents the firm’s second largest presence outside New York.
Globally, the company promoted 643 employees to MDs this year, which includes 71 Indians, making it the largest MD category to date globally, the company said in a note. The new MDS will take charge from January 1.
In India, there was one Managing Director promotion at the Mumbai office and 29 promotions at the company’s Bangalore office. The firm opened a new Hyderabad office in July this year.
Goldman Sachs has over 8,000 employees in India and over 43,000 professionals globally.
The Bengaluru and Hyderabad offices represent the firm’s ‘deep fintech hub’ and are key promoters of its existing and new businesses.
More than 25% of the promotions are women and more than 50% are from engineering works.
Globally, this year’s promotion reflects the firm’s strategic priorities, which include investing in core businesses (the investment banking division and global markets); growth strategies (asset management, consumer and engineering); and strategic locations (especially Bengaluru, Salt Lake City and Dallas), the company said.
Of the entire group of MDs promoted globally this year, 20% of promotions overall are from engineering functions, while 72 from strategic locations represent 11% of the overall class and twice the total number promoted in 2019.
It is also the most diverse group according to the company, with 30% female, 28% Asian and 3% LGBTQ.