Goldman Sachs names a record number of new Managing Directors

Goldman Sachs Group Inc., the most profitable securities firm in Wall Street history, promoted a record number of employees to managing director, one level below the highest rank of partner.The 321 appointments, up from 272 last year and 259 in 2008, were detailed in an internal memo obtained by Bloomberg News. The announcement came a day after the New York-based company selected 110 people to become partners, a designation that means they share in a special pool of compensation.

Goldman Sachs Chairman and Chief Executive Officer Lloyd Blankfein, 56, has presided over an expansion of the firm, with the total number of employees rising to 35,400 from about 24,000 when he took over in mid-2006. In promoting more employees this year, the company is rewarding people who stayed through the financial crisis, said Charles Peabody, an analyst at Portales Partners LLC.“It’s a function of trying to regain loyalty after turbulent times,” said Peabody, who is based in New York and recommends investors buy Goldman Sachs stock.