- Goldman Sachs promoted 638 executives to managing director globally, effective January 1, 2026, its biggest MD class since 2021.
- EMEA accounts for about 159 of these MDs, including roughly 32 in investment banking.
- In Europe, at least 25 new investment-banking MDs span hubs like London, Paris, Frankfurt, Munich, and Milan and sectors including M&A, energy transition, infrastructure, fintech, and industrials.
- Diversity metrics slipped, with women at 27% of the global MD class versus 31% in 2023.
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Goldman Sachs’ biennial promotion to managing director in late 2025 underscores its continued investment in senior leadership after an upturn in global dealmaking and advisory activity. Globally, 638 executives achieved MD status, up from 608 two years prior, marking the largest cohort since 2021. Within that, the EMEA region accounts for about 25 % of promotions (~159), including around 32 in investment banking—higher than 2023 but still below 2021 levels. This regional trend confirms Goldman’s renewed focus on Europe and adjacent markets to capitalize on localized deal flow and regulatory opportunities.
In Europe specifically, at least 25 MDs promoted in investment banking illustrate a diversified sectoral and geographic spread. Names such as Miquel Barbone (Milan), Shervin Ghassemi (London—real estate finance), Marine Epailly (FinTech, London), Marshall Coltrain (energy, London), Tom Hartley (London), Amit Puri (infrastructure, London), Akanchsha Singh (co-head energy transition M&A, London), Konstantin Eisenreich (Munich), Christoph Hofer (Frankfurt—industrials), Antoine Rupp-Dahlem (Paris—M&A), and Guillaume Amar (Paris—technology) reflect this diversity. These appointments suggest Goldman is aligning senior talent with growth industries such as energy transition, infrastructure financing, and FinTech, which are likely to drive deals in Europe amid regulatory push and sustainable finance demand.
However, there are some tensions. Despite global growth in promotions, gender diversity has slipped—women now represent 27 % of the 2025 MD class, down from 31 % in 2023. Ethnic diversity, particularly outside of the U.S., shows uneven progress: APAC saw higher female representation, but Black and Hispanic/Latino recruits remain a small portion of the mix. Moreover, while European MDs increased slightly, their share of the global class decreased (25 % in 2025 vs 29 % in 2023), possibly because the Americas saw even stronger gains.
Strategically, this European MD cohort strengthens Goldman’s positioning in deal-heavy and regulatory-intensive sectors. Europe’s energy transition, infrastructure build-outs, and fintech regulation (e.g. digital finance, ESG) are creating demand for financing, advisory, and structuring services. Senior MDs rooted in local hubs like Munich, Frankfurt, and Milan may enable closer client access and better regulatory navigation. The concentration of MDs in London for energy transition and infrastructure suggests continued leverage of UK’s capital markets strengths despite potential Brexit-related headwinds.
Open questions remain: How will these promotions translate into revenue growth in slower economies of continental Europe? Can Goldman effectively retain and advance female and ethnic minority talent in senior investment banking roles, especially as global economic headwinds test profitability? Also, what is the expected impact of these leadership promotions on costs vs. performance metrics, given rising competition from boutique banks and in-house finance groups?
Supporting Notes
- Goldman Sachs announced 638 managing director promotions globally, effective January 1, 2026—the largest MD class since 2021.
- Of the 638 promoted MDs, approximately 159 are in EMEA; 78 in APAC (excluding India), and 43 in India, with the remainder in the Americas.
- Within the investment banking division in EMEA, around 32 individuals were promoted this cycle—up from 28 in 2023, though below the 35 MDs from 2021.
- EFinancialCareers identified at least 25 individuals promoted to MD in European investment banking, with roles across M&A, energy transition, infrastructure, industrials, real estate, fintech, and tech banking.
- Some specific European MD names and locations include: Miquel Barbone (Milan); Shervin Ghassemi (London—real estate finance); Marine Epailly (EMEA FinTech, London); Marshall Coltrain (energy, London); Tom Hartley (London); Amit Puri (infrastructure, London); Akanchsha Singh (London, energy transition M&A); Konstantin Eisenreich (Munich); Christoph Hofer (Frankfurt, industrials); Antoine Rupp-Dahlem (Paris, M&A); Guillaume Amar (Paris, technology banking).
- Gender representation among new MDs globally is 27 %, down from 31 % in the 2023 MD class.
- APAC region shows 31 % Asian representation; Black and Hispanic/Latino representation are around 3 % and 4 % respectively of promotions.
- Goldman’s Germany operation saw 11 new MDs, the most in over a decade, highlighting growing importance of the German market.