Business

Goldman names fewest MDs in years

Goldman Sachs named 261 managing directors yesterday, 19 percent fewer than last year as the company fights sagging revenue and new regulations that threaten to clip its wings.

Last year, Goldman named a record 321 MDs.

This year’s class is the smallest since the financial crisis in 2008, when the company named 259 MDs.

Managing director is a coveted spot at Goldman and in the finance world, coming in right beneath partner level.

Goldman Sachs has been tightening its belt in the wake of declining revenue and a rocky business environment.

It is targeting 1,000 job eliminations this year and more than $1 billion in cost cuts.

Separately, lawyers defending former Goldman Sachs Rajat Gupta and Galleon Group LLC co-founder Raj Rajaratnam against insider-trading claims by federal regulators told a judge they want to question Gary Cohn, president of the investment bank.