Goldman Sachs' VP promotions are down 33% in four years

21 November 2025

2 minute read

Goldman Sachs has promoted a new class of vice presidents (VPs) and executive directors (EDs). Congratulations to all concerned. Achieving the promotion seems to have been harder than ever.

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A graphic on Goldman's own website says the firm promoted 1,481 VPs and EDs this year. This is down from 1,917 last year and 2,200 in 2021.

The implication is that making VP at Goldman Sachs has become more difficult. Total headcount at the firm has risen by 7,800 people over the period, so there's no shortage of potential VPs available at the firm.

This year's small VP class comes after the Wall Street Journal reported in March that Goldman CEO David Solomon thought the firm had hired too many VPs relative to its overall headcount. VPs were then targeted in a round of job cuts around May.

With fewer VPs promoted, the implication is that more people are stuck at associate level or ejected. Executive directors are understood to be a class of senior VP that only exists in Europe.

Of this year's new VP/ED class, Goldman says 61% joined as experienced hires and were therefore not trained by the firm as graduates. That's actually down from 64% in 2001.

Data filed for H1B visa applicants in the US suggests VPs at Goldman Sachs can expect salaries of around $300k. Goldman Sachs declined to comment on this year's unusually small class, which is understood to be the result of cost-cutting.

Earlier this month, Goldman Sachs promoted 638 managing directors. This was only slightly below the 643 people it promoted in 2021.

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