Goldman Sachs promotes 321 employees

22 November 2010

New York investment bank Goldman Sachs has promoted a record number of employees to managing directorships over the last year, a report has claimed.

According to Bloomberg, 321 workers have climbed up the company's career ladder in 2010 - up from 259 in 2008 and 272 last year - earning them considerably larger pay packets in the wake of new regulations on financial sector bonuses.

"It's a function of trying to regain loyalty after turbulent times," said Portales Partners analyst Charles Peabody, suggesting the promotions were a reward for staff who had stuck by Goldman following the global financial crisis of two years ago.

Spokesman Lucas van Praag told the news provider that women accounted for 24 per cent of those who had moved into more senior jobs, making up a total of 19 per cent of the company's managing directors.

Last week, reports suggested that HSBC was poised to double the salaries of some of its senior investment bankers in anticipation of a clampdown on bonus payouts.

By Claire Archer

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