BREAKING: Paulo Costa, at just 29 years old, has been named the youngest managing director at Goldman Sachs, marking a significant milestone for the investment banking giant. The announcement was made on Thursday, October 12, 2023, as Costa celebrated this remarkable achievement in London, where he leads dividend trading in the firm’s synthetic products group across Europe, the Middle East, and Africa (EMEA).
Costa’s promotion comes as Goldman Sachs reports a 7% increase in third-quarter revenues for its equities division, fueled by strong performance in financing—an area closely tied to Costa’s work. The news has ignited excitement among the 638 newly appointed MDs in this year’s class, with celebrations echoing through Goldman’s bustling London office.
As Costa awaited his promotion call, he experienced a mix of anticipation and hope. “I thought, ‘Oh, hang on, this is starting to feel a little strange,'” he recounted to Business Insider, recalling how he listened to colleagues receive their calls. When his name was finally announced, elation filled the air. “She was definitely the first person that I spoke to,” he said, referring to his wife, a prime broker at Goldman, whom he married earlier this year.
Costa’s journey to managing director has been marked by resilience and adaptability, having navigated volatility from the pandemic to recent market sell-offs. “When you really learn about the markets… is when things get messy,” he reflected, crediting his experiences with shaping his approach to trading.
Born in Portugal into a family of doctors, Costa initially faced pressure to pursue medicine. However, his fascination with finance ignited during the European sovereign crisis, leading him to make small trades as a teenager. He later attended the University of Warwick, where he honed his investment skills as the equities chief investment officer for the Warwick Investment Fund.
The celebrations for Costa included a Champagne toast led by regional leaders on Goldman’s eighth floor, followed by a gathering of approximately 150 people at a nearby venue, where colleagues and mentors shared in his success. “He was almost as excited for my phone call as my wife,” Costa said, referring to his former mentor Lorenzo Longo, who played a pivotal role in his career development.
As Costa steps into his new role, he acknowledges the weight of leadership responsibilities but remains confident. “I don’t think I necessarily have to impose myself now as a leader more than I was a week ago,” he noted. Reflecting on his journey, he expressed pride in his accomplishments: “I never imagined that, when I was 29, I would be at this stage of my career.”
This historic promotion not only emphasizes Costa’s personal achievements but also highlights the dynamic nature of the financial sector, where young talent is increasingly taking on leadership roles. As Goldman Sachs continues to navigate the complexities of the market, Paulo Costa stands as a beacon of ambition and success.
Stay tuned for more updates on this developing story as Costa embarks on this new chapter in his career, leading the way for the next generation of finance professionals.
