Goldman Sachs Names 261 Head Crooks..., err, Managing Directors, Fewest Since 2008

[marmar]

(Bloomberg) Goldman Sachs Group Inc. (GS), the fifth- biggest U.S. bank by assets, named the smallest group of new managing directors since 2008 as the firm cuts jobs and grapples with declining revenue.

The firm appointed 261 people to managing director, the company’s second-highest rank, according to an internal memo obtained by Bloomberg News. The number is down 19 percent from last year’s record list of 321 new managing directors and exceeds the 259 promotions in 2008. David Wells, a spokesman for the New York-based company, didn’t reply to an e-mail and two phone messages seeking confirmation of the memo.

Goldman Sachs Chairman and Chief Executive Officer Lloyd C. Blankfein, 57, said this week that the firm is working to remain positioned for a rebound even as it eliminates about 1,000 jobs to contend with a drop in trading revenue. The company set aside $10 billion for employees’ salaries, bonuses and benefits in the first nine months of this year, equivalent to $292,836 per worker.

“The single most important thing we can do to enhance the value of our business is to continue to hire the best and brightest people from around the world,” Blankfein said on Nov. 15, at an investor conference in New York hosted by Bank of America Corp. “And once they get into Goldman Sachs we want to do everything we can to ensure that they have productive and stimulating careers.” ..............(more)

The complete piece is at: http://www.bloomberg.com/news/2011-11-18/goldman-sachs-appoints-261-to-managing-director-smallest-group-since-2008.html#