A young Portuguese man has reached a rare level in the world of international investment banking. The feat took place in one of the most influential institutions in the sector, in a competitive process that only takes place every two years and which projects careers at the highest level.
Who is the new managing director
His name is Paulo Costa, he is 29 years old and was promoted to managing director at the American bank Goldman Sachs, becoming the youngest person ever in the bank’s history. Until his promotion, he was executive director responsible for dividend negotiation in the Europe, Middle East and Africa regions, a role that requires coordination with large investors and operational precision in the flows associated with dividend payments.
His team’s work involves supporting institutional investors, such as hedge funds, in equity strategies through derivatives. They are responsible for ensuring that dividend payments are accurately reflected in the value and cash flows of transactions, a sensitive task where errors have a significant financial impact.
A personified journey
Born in Porto and from a family of doctors, Paulo Costa described choosing high finance as an initial “shock” at home, although today he considers that his family recognizes the career option. He got married this year, after seven years of dating, and his wife also works at the bank, which symbolizes a double connection to the same professional environment.
The promotion was communicated over the phone and, as reported to Business Insider, the first reaction was to share the news with the family. The episode marks a turning point in an accelerated trajectory for a bank that is among the ten largest in the world by market capitalization, valued at around 243 billion dollars.
The promotion cycle at the bank
Goldman Sachs reviews every two years who is promoted to managing director, an intermediate status on the way up to partner. In 2023, 608 professionals were promoted and, in 2025, the number rose to 638, joining the list that includes Paulo Costa.
This dynamic takes place in a context of strong internal competition and demanding goals. Promotion signals consistent performance, ability to generate business and recognition within leadership structures.
Remuneration and ambition
According to , the status of managing director implies a base salary of 400 thousand dollars, not counting any performance bonuses and access to internal leadership programs. In markets like London or New York, total remuneration can exceed one million euros in years of strong results.
Progression, recruitment experts highlight, has predictable time frames, regular assessments and values both performance and so-called behavioral skills. Team leadership, client management and international mobility are seen as assets on the path to top positions.
What weighs on decisions
Internal reference, with the support of a senior sponsor, is often decisive in supporting the promotion candidacy. At the same time, technical consistency and execution capacity are critical elements in an industry where teams compete for quantifiable results.
The young Portuguese thus rises in a year in which commission income once again approached the levels of the pandemic peak in mergers and acquisitions. In the first nine months of 2025, Goldman Sachs profited US$12 billion, 24% more compared to the same period last year, creating space to recognize performance.
Diversity and next steps
Despite the positive cycle, diversity remains below the target. In 2025, of the 638 people promoted to managing director, 27% are women, below the 31% recorded in 2023, which keeps the discussion about gender balance on the sector’s agenda.
The next stop on the career path is partner status, one of the peaks in the bank’s hierarchy. Currently, José Barreto is the only Portuguese with this distinction, achieved in 2020, signaling that the path to the summit continues to require sustained results and internal sponsorship.
A signal for investment banking
Paulo Costa’s promotion confirms the acceleration of talent in investment banking and the ability of young profiles to assume responsibilities in a risky and demanding environment. The case illustrates how merit, sponsorship and execution can converge to accelerate careers at global institutions.
For a country attentive to the affirmation of professionals abroad, the rise of a 29-year-old manager to managing director at a bank like Goldman Sachs is an indicator of Portugal’s competitive potential in this market. And it helps explain why this route promises to be something to talk about.
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