NEW YORK, Nov 6 (Reuters) - Wall Street lender Goldman

Sachs ( GS ) will promote 638 executives to managing director

next year, the highest since 2021, a company memo said, as the

bank benefits from a pickup in investment banking across the

industry.

Goldman Sachs ( GS ) has been leading Wall Street's rankings 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, which is lower

than 31% in 2023.

MAIN DIVISIONS HEADED BY MEN

Goldman Sachs' main divisions have been headed by men since

2024, when Stephanie Cohen, its then-global head of platform

solutions division, left the firm.

"It's been really great in my seat in terms of the work

that we do looking after the positioning performance and also

the investment postures for our hedge fund clients based on our

data," Vincent Lin, co-head of prime insights & analytics at

Goldman, told Reuters. Lin was among the executives who were

elevated to managing director in the latest round of

promotions.

"It's been great to use this opportunity, and the work that

we do to connect with clients to guide them through turbulent

times and also through calmer times - and it's great to see our

work being recognized as part of the promotion process," added

Lin.

The promotions include 31% Asian, 3% Black and 4% Hispanic

or Latino, 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 sources familiar

with the situation.