(Nov 7): Goldman Sachs Group Inc promoted a record number of staff within its Asia-Pacific private wealth management unit to managing directors, after it raked in all-time high revenue in 2024.
The US bank promoted nine to managing directors within wealth in the region — the most for the division — according to a spokesman for the bank.
Client assets and revenue all hit records in Asia for the New York-based firm in 2024, the bank’s regional wealth head told Bloomberg News earlier this year.
In Asia-Pacific, Goldman promoted 78 to managing directors, or about 12% of the global total, according to the spokesman. The biggest number of promotions came from the key global banking and markets division, where 47 were elevated.
Hong Kong had 34 promotions and Singapore had 13. In Tokyo, the bank has elevated 15 to managing directors, up from 10 in 2023. The US bank has been boosting dealmaking in Japan, as an economic recovery and an overhaul in corporate governance generates more opportunities.
In India, the bank promoted six people in Mumbai, the largest class on record. In addition to that, a total of 43 people in Bengaluru and Hyderabad — where the firm’s global capability centres are based — were named managing directors.
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Globally, Goldman promoted the smallest proportion of women to managing directors since chief executive officer David Solomon took the top job in 2018. Asia had a slightly higher share, with women managing directors accounting for 32%.
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