"To the 638 newly anointed managing directors at Goldman Sachs, your bosses have a message for you: Congratulations. And the real work begins now. As the celebrations break out, Business Insider asked five of the firm's partners - its ultimate echelon of top brass - to share their advice with the new promotes, and they answered. Each one sits in a different business line, offering a distinct perspective on how they view the role and its duties."
"The managing director rank is one level their junior, and many partners have crossed through the MD threshold on the way to joining the firm's most powerful circle outside the C-suite. While the promotion comes with perks - such as a base salary of up to $400,000 - being an MD often entails more responsibilities and leadership functions, including heading up services and businesses, originating deals, leading teams, and mentoring junior employees."
Goldman Sachs promoted 638 people to managing director, a rank positioned one level below partner. Promotion often includes perks, including base salaries up to $400,000. Managing directors take on greater responsibilities: heading services and businesses, originating deals, leading teams, and mentoring junior employees. Emphasis centers on team leadership, inclusion, stewardship of the firm, and recognizing colleagues' contributions. New managing directors are expected to shift from individual contributor mindsets to collective ownership, support and development of people, and to demonstrate the next level of leadership through collaboration and accountability.
Read at Business Insider
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