Breaking News from CNBC's Mary Thompson: Goldman Sachs to Name New Class of Managing Directors Today - Source
WHEN: Today, Wednesday, November 13th
WHERE: CNBC's "Squawk on the Street"
Following is the unofficial transcript of breaking news from CNBC's Mary Thompson. All references must be sourced to CNBC.
MARY THOMPSON: ACCORDING TO A PERSON FAMILIAR WITH THE SITUATION, GOLDMAN IS GOING TO BE NAMING THEIR LATEST CLASS OF MANAGING DIRECTORS AT NOON TODAY. NOW ACCORDING TO THE SOURCE, THE NEW CLASS WILL BE SLIGHTLY LARGER THAN LAST YEAR'S CLASS WITH 266 MANAGING DIRECTORS. WHICH AGAIN, FOR THOSE NOT FAMILIAR WITH IT, IS PRETTY MUCH EQUIVALENT TO A VICE PRESIDENT LEVEL AT OTHER FIRMS. THE NEW MANAGING DIRECTORS WILL REFLECT GOLDMAN'S REVENUE BREAKDOWN WITH THE NEW CLASS OF ABOUT 55 PERCENT OF THEM COMING FROM THE U.S., 25 PERCENT FROM EUROPE AND 20 PERCENT FROM EMERGING GROWTH MARKETS. NOW KEEP IN MIND, AFTER 2013, GOLDMAN IS GOING TO START NAMING THE MANAGING DIRECTORS ON A BIENNIAL BASIS AS OPPOSED TO EVERY YEAR. AND SO THERE WAS SOME SPECULATION THIS CLASS WOULD BE MUCH LARGER, MAYBE DOUBLE THE SIZE OF LAST YEAR, BUT THAT IS NOT THE CASE. AGAIN, A SLIGHT INCREASE, MAYBE 20 MORE THAN LAST YEAR'S 266. KEEP IN MIND OF COURSE, GOLDMAN HAS BEEN TRYING TO TRIM COSTS IN WHAT IT CALLS A VERY – A TOUGH OPERATING ENVIRONMENT.
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