In a move that underscores Goldman Sachs' expanding commitment to the Indian business sector, the firm has promoted a record-breaking 35 executives to managing director (MD) positions across its Mumbai, Bengaluru, and Hyderabad offices. This development is part of the firm's biennial MD promotion cycle, aligning with the start of its fiscal year on January 1, 2024.
The new promotions show a 16.6% growth compared to the previous cycle's 29 promotions in India. The majority of the elevations took place in Bengaluru, with 26 new MDs, followed by Hyderabad with five and Mumbai with four. Women make up around 17% of the newly promoted MDs, while finance functions account for about 60%.
With this move, India now comprises 5.8% of the total MD class at Goldman Sachs, up from last year's 4.7%. This increase comes despite a global reduction of the MD promotion class size by 5.4%. In total, Goldman Sachs promoted 608 individuals to MD roles in 2023 globally, reaching a milestone of 31% female representation.
The firm now has a total of 2,775 MDs worldwide, which represents roughly 6% of its entire workforce of approximately 45,900 professionals. In India specifically, the total MD count will reach 92 out of over 8,000 employees based in the country.
InvestingPro Insights
As Goldman Sachs continues to grow its presence in India, it's worth noting some key financial insights from InvestingPro. The firm, a prominent player in the Capital Markets industry, has a market cap of $108.87B USD and a P/E ratio of 15.05 as of Q3 2023.
The first InvestingPro Tip highlights that Goldman Sachs' management has been aggressively buying back shares. This is often seen as a sign of confidence in the company's future prospects. Additionally, the firm has a commendable track record of raising its dividend for 12 consecutive years, maintaining dividend payments for 25 years, a fact that income-focused investors may find appealing.
On the data front, the firm's revenue for the last twelve months as of Q3 2023 stands at 44.11B USD, with a gross profit of 36.53B USD, translating to a high gross profit margin of 82.83%. Despite a declining trend in earnings per share, analysts predict the company will be profitable this year.
To gain more insights and tips about Goldman Sachs and other companies, consider exploring InvestingPro, which offers a wealth of data and over ten additional tips for informed investment decisions.
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