Goldman Sachs Group Inc. named 261 managing directors, 19% fewer than last year as the company fights sagging revenue and new regulations that threaten to clip its wings.
Last year, Goldman named a record 321 managing directors. This year's class is the smallest since the financial crisis in 2008, when the company named 259 managing directors. Employees learned of the promotions Wednesday.
Managing director is a coveted spot at Goldman and in the finance world, coming in right beneath partner level. The company names partners every two years, with 2012 slated as the next partnership-disclosure year.
Goldman Sachs has been tightening its belt in the wake of declining revenue and a rocky business environment. It is targeting 1,000 job eliminations this year and more than $1 billion in cost cuts.
This story originally appeared on Dow Jones Newswires
Write to Liz Moyer at liz.moyer@dowjones.com