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US financial services giant Goldman Sachs has promoted 280 executives, including at least 27 of Indian-origin, to the coveted position of managing director.
The new managing directors will assume their enhanced role at the investment banking firm with effect from January 1, 2014.
Last year, Goldman had promoted 266 people, including at least 16 of Indian origin as managing directors, while three others of Indian origin had been named as partners at the group.
Among the 27 persons of Indian origin being promoted as managing directors this year are Puneet Agarwal, Navtej Bhullar, Arun Dhar, Anil Grover, Sumedh Jaiswal, Gautam Khanna, Rohit Kumar, Piyush Mubayi, Kaushik Murali, Mohan Rajagopal, Anshul Sehgal, Sujay Telang and Kamakshya Trivedi.
The group announces a list of managing directors every year, while the list of partners is generally announced once in two years.
The managing director's position in the group is one rank below that of a partner.
The partners are also known at the group as participating managing directors.
Typically, a managing director at Goldman Sachs earns a base salary of USD 500,000 while that of a partner is about USD 900,000.
Both these classes of senior management executives are also paid considerable sums as bonuses.