Goldman Sachs promoted its new class of vice presidents and executive directors this month and just 12 made the grade in Germany.
Globally the bank promoted 1,500 people to VP or ED from associate in 45 offices worldwide, with 48% in the Americas, 28% in Asia Pacific and 24% in Europe, the Middle East and Africa.
The two titles are roughly equivalent, but ED is the term more commonly used in Europe while VP is used elsewhere. According to LinkedIn, the 12 Frankfurt-based associates who were promoted to ED included Tobias Büchner, who has enjoyed a brisk rise after joining as an associate in September 2019, following four years at Credit Suisse.
Florian Meyer is another Frankfurt-based corporate financier to win promotion after joining Goldman as an associate in 2016, the same year as Rafael Kellermann who has also got the nod.
Jacob Beck made the grade after joining from boutique Moelis & Company in 2018.
This year’s promotions suggest that it is easier to progress through the ranks to become a VP at Goldman in Frankfurt if you join from another firm, although Hans-Georg Pietruck is the perfect example of a home-grown success which bucks that trend. After joining as an intern in 2013 Pietruck, who works in institutional derivatives sales, was promoted to analyst a year later then to associate in 2017.
The small number of promotions came despite a strong year from Goldman in Germany. The bank climbed four places to second in the M&A fee rankings in 2019, although its 9.7% share of the feel pool was eclipsed by JP Morgan, which strengthened its status as number one M&A bank with a 15.2% market share. More broadly Goldman climbed one place to third by overall corporate finance fees, according to Dealogic.
With the UK set to trigger Brexit on January 31, in 2020 Goldman may promote more talent in continental Europe – and in Germany in particular.
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