NEW YORK, Nov 6 (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.