Goldman SachsGoldman Sachs Group (GS) promoted a record number of employees to the position of managing director, giving them more money and prestige as the bank rebounds from the financial crisis.

The bank raised 321 people to the status of MD, up from 272 last year, Bloomberg News reported. Earlier this week, the company selected 110 people to become partners, giving them access to a special compensation pool.

Since CEO Lloyd Blankfein took over in mid-2006, Goldman Sachs has increased its total workforce to more than 35,000 from about 24,000.

Promoting people this year is a sign the company wants reward people who stayed and weathered the financial crisis, according to Charles Peabody, an analyst at Portales Partners LLC.

"It's a function of trying to regain loyalty after turbulent times," Peabody told Bloomberg News.

Managing directors are a single notch below the highest rank of partner.

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Work would set them free.

November 19 2010 at 1:47 PM Report abuse +1 rate up rate down Reply

LLoyd B and company were among the biggest perpertrators of the financial meltdown. And, yet in his own words Lloyd and GS were doing "God's work." This statement, made by Lloyd was truly remarkable. Guys like Blankfein and his ilk are beyond greedy bastards, they are totally unconscionable. It is truly amazing the way these guys manage to put their own spin (by lying) on things and avoid going to jail (or shot). That said, landing a job with GS is like getting a license to mint money. All that is required is to be smart in a weasel-like way and excessivley greedy by nature. Leave any semblance of a conscience at the door. What a world we live in where this kind of behavior is rewarded big time!!

November 19 2010 at 8:53 AM Report abuse +2 rate up rate down Reply