London-based banker Richard Gnodde will join David Solomon and John Weinberg running Goldman's investment bank. [Bloomberg]
Unlike the life-changing partnership ritual that takes place every two years, the managing director promotions, announced today, are more of a light pat on the ass that says, you’re doing a pretty okay job so far, but don’t get cocky. You've graduated from VP (a title which is now, amazingly, described to the layman as "the level attained by the disgruntled former employee Greg Smith"), and that's something to be proud of, but stay hungry for the reach-around.
The cuts are on top of Goldman's annual axing of the 5% of employees giving the bank a bad name.