Goldman Sachs has expanded its management committee to 47 members, promoting two senior executives as CEO David Solomon balances talent retention with organizational structure. The bank elevated Stephan Feldgoise, global head of mergers and acquisitions, and Josh Schiffrin, risk head for investment banking and trading, to the increasingly crowded executive ranks.

These moves come amid fierce competition for top talent in investment banking. The management committee has swelled by more than 20 members over the past 18 months, representing promotions across investment banking, trading, asset management, and wealth management divisions. The expansion follows a 2024 episode where senior bankers Mark Sorrell and Gonzalo Garcia threatened to leave after being excluded from a Solomon-led operating committee.

Ericka Leslie returns as chief administrative officer to spearhead "OneGS 3.0," an operating model overhaul incorporating AI capabilities. This push for modernization coincides with strong financial performance, as Goldman reported $5.6 billion in first-quarter net income, a 19 percent increase driven by volatile market conditions boosting equity trading revenues.

The committee's growth reflects Solomon's strategy to retain institutional knowledge while adapting to evolving market demands. However, the expanding executive ranks raise questions about decision-making efficiency as the firm navigates a complex regulatory environment.