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Goldman Sachs Group (NYSE:GS): Current price $152.98
Managing Director is a highly desired and exalted title, the way Goldman Sachs has done it since 1996. Now in 2013, the firm is making the employee status symbol all the more elusive. On Thursday, a memorandum to employees informed them that hence, managing directors would be chosen every other year, starting with the ‘class’ to be selected this year. The coveted title raises an employee one step closer to the firm’s partnership rank, and has been awarded annually since 1996, when it was created. Chairman and Chief Executive Lloyd Blankfein and President and Chief Operating Officer Gary Cohn commented in the memo that the change to biennial selection would permit the company to devote more time to the process.
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