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Cheers swept Goldman Sachs’ London floor as Paulo Costa, 29, learned he’d been promoted to managing director — the youngest in this year’s 638-person class. An executive director overseeing dividend trading across EMEA, Costa’s rise follows a strong quarter for the equities division, with revenue up 7% year over year and financing cited as a driver. His wife, a prime broker seated a few rows away, got his first call before Champagne toasts on the eighth floor and a gathering of about 150 people. Seasoned by pandemic turmoil, he welcomes the role’s gravitas without forcing a new leadership stance.

Prepared by Christopher Adams and reviewed by editorial team.