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Goldman Sachs has been leading Wall Street's rankings for mergers and acquisitions as its fee volumes surged close to levels seen in 2021. Sign up here. The Wall Street firm announces managing director promotions every two years, and the number of bankers being promoted this time around exceeds the 608 senior bankers it promoted two years ago. The number of promotions includes 27% women, which is lower than 31% in 2023. MAIN DIVISIONS HEADED BY MEN Goldman Sachs' main divisions have been headed by men since 2024, when Stephanie Cohen, its then-global head of platform solutions division, left the firm. "It's been really great in my seat in terms of the work that we do looking after the positioning performance and also the investment postures for our hedge fund clients based on our data," Vincent Lin, co-head of prime insights & analytics at Goldman, told Reuters. Lin was among the executives who were elevated to managing director in the latest round of promotions. "It's been great to use this opportunity, and the work that we do to connect with clients to guide them through turbulent times and also through calmer times - and it's great to see our work being recognized as part of the promotion process," added Lin. The promotions include 31% Asian, 3% Black and 4% Hispanic or Latino, the memo from CEO David Solomon and President John Waldron said. More than 70% of the promotions come from revenue-generating businesses, but unlike previous years, the firm did not break down how many came from global banking and markets or global asset and wealth units. Goldman Sachs beat Wall Street expectations for third-quarter profit, as its investment bankers earned higher advisory fees and rallying markets boosted revenue from managing client assets. The bank has, however, lost more than a dozen senior investment bankers this year, a higher number than normal, after internal shake-ups and a sluggish start to 2025 drove them to seek new opportunities, Reuters reported earlier, citing sources familiar with the situation. Reporting by Saeed Azhar and Anirban Sen in New York, additional reporting by Nupur Anand; Editing by Nia Williams, Rod Nickel Our Standards: The Thomson Reuters Trust Principles., opens new tab Saeed Azhar is a Reuters financial journalist and part of the U.S. banking team, which covers Wall Street's biggest banks. He focuses on Goldman Sachs and Bank of America, and also writes about regional banks. Before moving to New York in July 2022, he led the finance team in the Middle East from Dubai, and also worked in Singapore, covering Southeast Asia finance. Anirban Sen is the Editor in Charge of Market Structure at Reuters in New York where he leads the news agency's coverage of stock exchanges, and market-making firms including Jane Street and Citadel Securities. Previously Anirban was M&A Editor at Reuters, leading a team of reporters who regularly broke market-moving news about the biggest deals in corporate America. Some of his scoops have included Mars' $36 billion deal for snack maker Kellanova, design software firm Synopsys' $35 billion deal for Ansys, and buyout firm GTCR’s $18.5 billion deal for merchant services provider Worldpay. In 2023, Anirban was part of a Reuters team that won a Gerald Loeb Award for the agency's coverage of the collapse of FTX. After starting with Reuters in Bangalore in 2009, he left in 2013 to work as a technology deals reporter in several leading business news outlets in India, including The Economic Times and Mint. Anirban rejoined Reuters in 2019 as Editor in Charge, Finance, to lead a team of reporters in India, covering everything from investment banking to venture capital.
