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I was passed over. Again.

Goldman Sachs promoted a record 299 people to managing director, the company's second-highest rank after partner.

Managing directors are appointed annually, while partners are named every other year. The promotions take effect on Dec. 1, the start of the firm's new fiscal year, the company said in a statement yesterday. Last year Goldman named 262 new managing directors and 115 partners.

Chairman and CEO Lloyd Blankfein and Goldman set aside $16.9 billion to pay salaries, benefits and bonuses in the first nine months of the year, surpassing the record for all of last year.

Partners and managing directors are typically the highest paid of the firm's 29,905 employees. Fifty-seven percent of the new managing directors work outside the U.S. and 19 percent are women.

Including the new promotions, Goldman now has 1,384 managing directors and 383 partners. The largest portion of the new managing directors work in investment banking, said a spokeswoman for the firm.

Of the new managing directors, 30 percent are in Europe, the Middle East and Africa, 10 percent are in Japan, and 17 percent are in the rest of Asia, including China and India.

Posted by edelfenbein at October 25, 2007 11:07 AM