New Delhi, Nov. 7 -- Indian offices of Goldman Sachs saw a record number of employees elevated to the managing director's post, in the latest round of promotions announced across the financial-services giant's global operations. Forty nine employees of Indian offices, including head of ECM Kailash Soni and chief India economist Santanu Soni, were among the 638 employees who were moved up to the MD's post this year.

According to a press statement issued by Goldman Sachs, this made for the "largest-ever managing director promotion class in India".

"This underscores the substantial opportunities the firm sees in the country and its growing investments, and further builds on its strong impact over more than three decades of supporting Indian businesses," it added.

Thirty five employees from India were elevated in the last cycle, in November 2023.

In the latest record-breaking batch, 38 were from the Bengaluru office, 5 were from the Hyderabad office and 4 from Mumbai office. Bengaluru office saw the largest number of promotions after New York and London offices.

These executives will take charge in their new role from January 1.

"The Managing Director Class of 2025 have helped strengthen our core franchises, with a focus on serving our clients with excellence and operating at scale, while leading and developing strong teams globally," said the press note.

"We expect that our new managing directors will continue to protect the firm's culture and our core values of partnership, client service, integrity, and excellence - reinforcing the firm's high standards as we aspire to be best in class in everything we do," the note added.

Overall, India's share of promotions stood at 8%, while the Asia Pacific region's was 12%. Americas' share was 56%, and EMEA (Europe, the Middle East and Africa) region bagged 25% of promotions.

The conglomerate has offices in Bengaluru, Mumbai, and Hyderabad, and employs 8,000 in India versus 46,000 globally.

Founded in 1869, the New York-headquartered conglomerate provides various services such as investment banking and private wealth management.

The company has a biannual promotion cycle for its managing directors.

Published by HT Digital Content Services with permission from VC Circle.