NEW YORK (Reuters) -Wall Street lender Goldman Sachs ( GS ) will promote 638 executives to managing directors next year, the highest since 2021, a company memo said, as the bank benefits from a pick-up in investment banking across the industry.

Goldman Sachs ( GS ) has been leading Wall Street's league tables for mergers and acquisitions as its fee volumes surged close to levels seen in 2021.

The Wall Street firm announces managing director promotions every two years, and the number of bankers being promoted this time around exceeds the 608 senior bankers it promoted two years ago. The number of promotions includes 27% women.

It also includes 31% Asians, 3% Black and 4% Hispanic or Latinos, the memo from CEO David Solomon and President John Waldron said.

More than 70% of the promotions come from revenue-generating businesses, but unlike previous years the firm did not break down how many came from global banking and markets or global asset and wealth units.

Goldman Sachs ( GS ) beat Wall Street expectations for third-quarter profit, as its investment bankers earned higher advisory fees and rallying markets boosted revenue from managing client assets.

The bank has, however, lost more than a dozen senior investment bankers this year, a higher number than normal, after internal shake-ups and a sluggish start to 2025 drove them to seek new opportunities, Reuters reported earlier, citing three sources familiar with the situation.