Goldman Sachs has promoted 261 employees to managing director as Lloyd Blankfein, chairman and chief executive, stressed the importance of maintaining the bank's footprint this week.

Blankfein said at the Bank of America Merrill Lynch banking and financial services conference in New York on Wednesday : "We have taken costs down and reduced headcount but we also need to maintain footprint to accomplish client objectives, especially in growth economies where the opportunities are increasing. In 2009 some firms cut back, withdrew risk and engaged less with clients and this provided an opportunity for us."