Goldman Sachs has announced its first round of managing director promotions under chief executive David Solomon, who has moved to slim down management at the bank and cut reliance on its sales and trading division since taking charge a year ago.

On Thursday Goldman named 465 new MDs across its global business lines, which include investment banking, asset and wealth management, securities trading, commercial banking and its retail offering, Marcus. This is down almost 9% on the 509 people it made MD in 2017 (the promotion round occurs every two years).