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Goldman adds 509 to its ranks of managing directors

  • Goldman Sachs announced it has named 509 new managing directors, the second-highest employee rank behind partner.
  • The base salary for the position is $389,098, with total compensation at $746,891, according to Glassdoor.
Financial professionals sit in the Goldman Sachs booth on the floor of the New York Stock Exchange.
Getty Images
Financial professionals sit in the Goldman Sachs booth on the floor of the New York Stock Exchange.

The ranks of Goldman Sachs' top management are about to swell, with a big push toward millennials, according to a company announcement.

The Wall Street powerhouse said it has named 509 new managing directors, which is the second-highest employee rank behind partner. That total is up from 425 in 2015. The bank names new managing directors every two years.

Of the total, 44 percent were millennials, while 24 percent were female, a number that is slightly below the 25 percent in 2015.

The number of managing directors named in banking was 101, up from 97 two years ago, while there were 130 named in securities, up from 102 in the prior class, and 52 named in technology, up from 38.

The new roles take effect on Jan. 1. While managing directors get raises, that does not come out of the big bonus pool in which partners are rewarded. The base salary for the position is $389,098, with total compensation at $746,891, according to Glassdoor.

"Our new Managing Directors have demonstrated an outstanding commitment to our people, clients and culture during their tenures at the firm, and we wish them continued success as they take this important next step in their careers," CEO Lloyd C. Blankfein said in a statement.

Bonuses are likely to be higher this year on Wall Street. New York State Comptroller Thomas DiNapoli recently reported that compensation is on track to rise 3.8 percent this year from an average salary of $375,300 in 2016.

Goldman has 34,400 total employees.

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