Goldman Sachs Group Inc. promoted 266 employees to managing director, up from 261 last year, as the fifth-biggest U.S. bank seeks to reward staff even as it pares expenses.

The annual promotions, which take effect Jan. 1, come one day after New York-based Goldman Sachs named 70 people to its so-called partnership, the fewest since the firm became a public company in 1999. Partners, also called participating managing directors, receive a higher salary than managing directors and share in a special bonus pool.

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