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Goldman Sachs’ newest executives have arrived.

The prestigious Wall Street bank announced its latest crop of managing directors. This year’s class was 638 deep, roughly 5% bigger than the last cohort that came in 2023.

BI’s Alice Tecotzky and Reed Alexander also spoke to some Goldman execs who offered advice for the new MDs.

The Goldman news signals the start of Wall Street’s nerve-racking promotion season. MD lists, in particular, are always interesting because they represent banking’s highest tier outside the C-suite.

(Goldman, being Goldman, is slightly different in this respect. Partners are the ultimate designation at the bank. Like MDs, new classes are named every two years. Goldman’s upcoming partner class will come in next fall.)

But MD lists provide value beyond seeing if you owe anyone a congratulatory email. They’re a health check on the bank itself.

The money-making parts of the bank — investment banking, sales and trading, asset management — are pretty straightforward. A bunch of new MDs named from a specific section of those divisions? It’s a sign the bank is minting money there.

Behind-the-scenes folks are equally interesting. Promotions there likely mean they’re doing something that has caught executives’ attention, even if it’s not generating revenue.

For more on the entire promotion process, BI’s Reed Alexander has you covered on how it works.

But one person’s triumph is another’s tragedy.

There will be plenty of folks disappointed they didn’t make the cut. And for some, it could get them looking elsewhere.

No one’s moving before bonus season, when Wall Streeters get rewarded with comp that far outstrips their base salary. (This year looks to be particularly good.)

But it’s not too soon to get the ball rolling. John Pierson, the CEO and founder of P2 Investments, which specializes in placing talent at hedge funds and prop trading firms, told me conversations about post-bonus season plans started back in September.

Still, missing a promotion isn’t necessarily what should kick off a job hunt.

“I’d urge them not to think rashly or spitefully. Ask yourself, are you just one year away now? Were you happy in your role before this news, and is it worth throwing that all away?” Jesse Skaff, an executive director at global staffing firm Phaidon International, told me.