[ by Howard Haykin ]

See Who Were Promoted.  Goldman Selects Partners Every 2 Years;  Managing Directors Annually.

Thursday, a day after announcing which of its 70 executives had moved up to the elite partnership rank, Goldman Sachs announced the promotion of 266 individuals to managing director, the next rung down from partner.  In 2011, 261 executives were named to the managing director level.

Goldman selects new partners every two years.  The title of "partner," - aka  "participating managing director" at Goldman - is unusual for other publicly traded firms, but use of the "managing director" designation is common throughout Wall Street. 

When Promotions Take Effect.   Promotion take effect in January, and for that year, individuals earn a base salary of $500,000.   Bonuses can be a different issue.  Often they are significantly higher.

"The dedication and leadership of this group represent the best of Goldman Sachs, and we wish our new managing directors continued success."   -- Lloyd Blankfein, Goldman CEO, in a statement on Thursday. 

See Who Were Promoted.   Here are the executives who have been promoted to managing director   (search by last name):

A, B, C, D, E, F, G, H, I, J, K, L, M, N, O, P, R, S, T, V, W, Y, Z

[Dealbook, 11/15/12]