- Goldman Sachs has already announced its latest managing director promotions.
- Other banks including Citi are due to reveal their newest MDs in December.
- Here are the key dates to know and how things are shaping up so far.
Wall Street's managing director promotion season is here.
Making MD can be the culmination of years of racking up credit for deals, schmoozing with clients, and navigating internal politics.
In jobs like investment banking and trading, managing director base pay is $400,000 or higher, according to Mike Karp, CEO of search firm Options Group New York. Adding in a generous bonus, MDs in a good year could be looking at millions.
Insider spoke to experts about the process and their expectations for this year's promotions. They said to anticipate a more diverse cohort of managing directors this year as well as younger MDs. The latter prediction came from a headhunter who cited investment banking's widespread labor shortage, saying it could result in expanded opportunities for young rising stars to climb the corporate ladder faster.
Read the full story here:
What we know so far
Goldman Sachs has already announced its managing director promotions on Nov. 2. The bank promoted 643 people, making this year the biggest MD class on record. Goldman promotes managing directors every other year. The bank announces promotions to its coveted partner ranks, which is the next level up from MD for Goldman employees, in the years it does not promote MDs.
- 383 new managing directors, or 60%, were based in the Americas
- 72 new managing directors, or 11% of the class, were based in the firm's strategic locations, with particular focus on managers in Salt Lake City, Dallas, and Bengaluru
- New managing directors in engineering comprise 20% of the class
Here's a full list of names, plus a look at some of the rising stars featured on the list.
When are MD promotions at other banks expected?
Dates can move year to year. But here's what we know so far.
Citi should be the next big bank kicking off the MD promotion season. The firm is planning to release its list in mid-December, a firm spokesperson confirmed. Last year, the firm announced its 153 promotions on December 11.
Morgan Stanley made its last round of promotions on January 15, and the firm is also targeting a mid-January announcement in 2022, a spokesperson told Insider.
Bank of America in years past has also announced MD promotions in January — in 2021, the firm sent an internal memo with names on January 28, but the MDs were notified of their promotions at the end of 2020, Insider previously reported.
And JPMorgan historically promotes its new MD class in late April. In 2021, 134 people made MD in the corporate and investment bank on April 29; in 2019, promotions came on April 24 (in 2020, JPMorgan's MD promotions were delayed until July due to the coronavirus pandemic).
Intel from the previous round of promotions
- Morgan Stanley promoted 171 people to managing director in 2021, up from 130 the year before — here are all the names
- 48% of last crop of promotions came from Morgan Stanley's institutional securities group, which houses its investment banking and sales and trading operations.
- 9% were from the investment management division.
- 13% were in wealth management.
- The remaining 30% came from the infrastructure group.
- Bank of America promoted 86 managing directors in its sales and trading, research, and operations groups in 2021 — here are all the names
- That's up from 74 MDs promoted in the same groups in 2020
- The firm's newest managing directors were notified toward the end of the fourth quarter in 2020, but the company just announced the promotions internally in late January 2021 for employees in global markets, research, and the chief operating office.
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