Goldman Sachs promotes 49 people from India as managing directors

Goldman Sachs has promoted a record 49 executives from India as managing directors, reflecting the growing importance of its Bengaluru technology hub in the firm's global structure.

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Goldman Sachs has promoted 49 people in India as managing directors (MDs) — a record number for the country where the Wall Street bank sees substantial opportunities.

 

The bank said 638 people at its 54 offices globally will become MDs, the second highest position after partner. There were 38 promotions in Bengaluru, six in Mumbai and five in Hyderabad. As many as 35 people in India were promoted in 2023. The Mumbai office drives Goldman Sachs’s India businesses and Bengaluru is a global technology hub. Bengaluru had the largest number of promotions after New York and London.

 

However, Bengaluru and Hyderabad comprised just 7 per cent of the MD promotions. As many as 56 per cent (358 people) were in the Americas and 25 per cent (159) in Europe, the Middle East and Africa. A total of 94 Indians were promoted, compared to 80 in 2023 and 71 in 2021.

 

“We expect that our new managing directors will continue to protect the firm’s culture and our core values of partnership, client service, integrity, and excellence – reinforcing the firm’s high standards as we aspire to be best in class in everything we do,” said David Solomon, chief executive officer of Goldman Sachs.

 

The company was an early mover in India’s technology ecosystem, setting up an office in Bengaluru in 2004 for IT and other back office support activities. Over the last two decades, its operations have grown manifold to cover a wide range of banking functions such as corporate cash management, liquidity management, developing rich analytics, and virtual accounts payments.

 

It has around 9,000 employees in Bangalore and Hyderabad and 46,000 in other countries. Around half of employees in India are engineers, which translates into a third of the bank’s global engineering talent.