Goldman to Name New Managing Directors

Goldman Sachs Group expects to name about 100 non-partner managing directors, the firm’s latest step in rewarding talented employees not made partner and keeping them from bolting to rivals. The 128-year-old investment-banking partnership created the title of managing director last year and elevated 87 employees to the rank. They get a boost in pay and benefits, but unlike Goldman’s 190 partners, they don’t own a share of the firm’s $5.8 billion in capital. Goldman executives say the new title recognizes able bankers and traders who face tough competition rising to partner, considered the pinnacle of Wall Street. Non-partner managing directors are likely to earn $2 million or more each, recruiters say.