Democratic Underground Latest Greatest Lobby Journals Search Options Help Login

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

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » General Discussion Donate to DU
marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-20-11 05:53 PM
Original message
Goldman Sachs Names 261 Head Crooks..., err, Managing Directors, Fewest Since 2008
Edited on Sun Nov-20-11 05:54 PM by 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 companys second-highest rank, according to an internal memo obtained by Bloomberg News. The number is down 19 percent from last years record list of 321 new managing directors and exceeds the 259 promotions in 2008. David Wells, a spokesman for the New York-based company, didnt 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:

Printer Friendly | Permalink |  | Top

Home » Discuss » General Discussion Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC