Goldman will soon crown its next generation of managing directors. Here's an inside look at the promotions process.

"Goldman is set to kick off the process sometime in early November, marking the beginning of a wave of elevations that will sweep other banks from Citigroup to Morgan Stanley over the coming months. For a cohort of Goldman's vice presidents and executive directors, it's a time to find out if they'll be named managing directors, just one rung below the bank's all-powerful politburo of top execs, the partners."

"In years past, roughly 600 people, about 1% of Goldman's workforce, have been promoted. It's always worth watching who the bank selects - not only does this constituency represent the hottest business lines and its next cohort of leaders, but it has also included literal stars like Justin Tuck, a 2021 designate who was a former New York Giants football champion."

Goldman Sachs begins its promotion cycle in early November, initiating a wave of elevations across major banks. A cohort of vice presidents and executive directors will learn whether they are promoted to managing director, a rank just below partners. In prior cycles about 600 employees, roughly 1% of the workforce, received promotions. Those elevated typically represent the firm's hottest business lines and next generation of leaders and have included notable figures such as Justin Tuck. Promotion to MD brings prestige and pay increases; base salary can reach $400,000 with variable year-end compensation increasing total pay. Candidates often spend over a decade proving themselves across market cycles, and bank-affiliated individuals frequently request anonymity when discussing expectations and process details.

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