U.S. financial services giant Goldman Sachs has promoted 280 executives, including at least 27 of Indian-origin, to the coveted position of Managing Director.

The new managing directors will assume their enhanced role at the investment banking firm with effect from January 1, 2014.

Last year, Goldman had promoted 266 people, including at least 16 of Indian origin, as managing directors, while three others of Indian origin had been named as partners at the group. The group announces a list of managing directors every year, while the list of partners is generally announced once in two years.

The managing director’s position in the group is one rank below that of a partner.

The partners are also known at the group as participating managing directors.

Typically, a managing director at Goldman Sachs earns a base salary of $500,000 while that of a partner is about $900,000.

Both these classes of senior management executives are also paid considerable sums as bonuses.

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