Goldman Sachs has promoted 608 people to the coveted rank of managing director, down slightly compared with two years ago when it named its biggest-ever class.

Managing director is one notch below the Goldman Sachs partner rank, and sets many of the Wall Street giant's employees on course to seven-figure salaries. Since switching to a two-year cycle, the bank has largely kept partner and MD promotions lower than usual, with chief executive David Solomon looking to add more prestige to the upper ranks.