If you're an executive director at Goldman Sachs and the phone rings today, you're going to be pretty touchy. If it doesn't ring you're going to be more touchy still.
Today is the day that Goldman Sachs' 2019 managing directors (MDs) find out who's getting promoted. The lucky ones have already had the call. In the case of partner promotions, it's traditional for the CEO to be on the line, but David Solomon seems to be leaving the task today to divisional heads. If you haven't been called already, it therefore might be taken as a bad sign - particularly if you're in Asia or Europe...
Now that Goldman doesn't promote managing directors every year and instead alternates MD promotions with partner promotions, not getting promoted is a bit of an issue. Anyone who doesn't called today will need to wait until 2021 for another chance of becoming an MD.
This is a source of contention. Most of those up for managing director roles at Goldman today have spent the past two years working hard and strategizing to get the promotion. If they don't make it they might be inclined to move on.
Goldman releases its official MD list at 5pm London time (12pm NY time) today. Watch this space. In the meantime, be patient with any Goldman executive directors who seem unusually stressed...
Photo by Gilles Lambert on Unsplash
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