This 29-year-old trader just became Goldman's youngest MD. Here's how he celebrated after a big year.

"Paulo Costa heard the trader across from him - whose last name starts with an X - take the call he had been hoping for. He presumed the calls would be rolled out in alphabetical order, and thought, "Oh, hang on, this is starting to feel a little strange," he told Business Insider. At last, the call came: he'd been named managing director - and, at 29, the youngest in this year's class."

"His promotion comes on the heels of a strong run for Goldman's equities division, where third-quarter revenues climbed 7% compared to the same period a year earlier. The bank cited higher net revenues in financing, an area adjacent to Costa's work, as a key driver. Seated a few rows away from Costa when the call came was his wife, who is a prime broker at Goldman. The two met at the firm in 2018 and married this year. "She was definitely the first person that I spoke to," once he'd hung up the phone, he said."

Paulo Costa, 29, was promoted to managing director at Goldman Sachs and is the youngest member of this year's MD class of 638 employees. He is an executive director overseeing dividend trading across Europe, the Middle East, and Africa within the bank's equities division. Costa's team manages the dividend component of synthetic equity contracts used by institutional investors to gain stock exposure without owning shares. The promotion follows a strong quarter for Goldman's equities business, with third-quarter revenues up 7% year over year and higher financing revenues cited as a driver. His wife, a prime broker at Goldman, was the first person he called after the announcement.

Read at Business Insider