272 Goldman Staffers Promoted To Managing Director
Not a bad time to allocate the last big bonus on Wall Street to as many people as possible. According to Down Jones, "Chief Executive Lloyd C. Blankfein and President Gary D. Cohn said in the email that those named helped the bank survive the financial crisis. They also said the new managing directors will be integral to our service to clients, the strength of our reputation and the long-term success of the firm." God's anointed acolytes are multiplying. There is no information yet if a Textron-made (GS: Conviction Buy) Cessna jet with an autopilot program for a one way trip to [Venezuela, Colombia, Brazil, Argentina] is included in the promotion package.
More from Dow Jones:
The managing director title is only given to the elite of the company's estimated 31,700 employees. Managing directors are appointed each year, while Goldman names partners every other year.
Getting a bump up in title will also ensure that those promoted get a bigger slice of Goldman's compensation pool. So far this year, the company has set aside more than $17 billion to pay employees, compared with $11.4 billion after the first three quarters of last year.
The promotions are not a record. In 2007, Goldman named 299 people to the managing director position. The new managing directors will be given their new titles effective Jan. 1.