29-Year-Old Paulo Costa Becomes Goldman’s Youngest MD Today

UPDATE: In a remarkable achievement, 29-year-old Paulo Costa has just been named the youngest managing director at Goldman Sachs as of today, October 12, 2023. Based in London, Costa’s promotion comes after a stellar year in which he led dividend trading within the firm’s synthetic products group in EMEA.

As news of Costa’s promotion spread across the trading floor, excitement filled the Goldman Sachs office in London. The moment was electric, as Costa awaited his announcement while hearing cheers for his colleagues. “I thought, ‘Oh, hang on, this is starting to feel a little strange,’” he recounted in an interview with Business Insider. Finally, the call came—he was officially a managing director, marking a significant career milestone among the 638 newly promoted MDs this year.

Costa’s promotion reflects not just personal success, but also the robust performance of Goldman’s equities division, which reported a 7% increase in third-quarter revenues compared to last year. This surge was attributed to higher net revenues in financing, closely linked to Costa’s area of expertise.

Gathered nearby was his wife, a prime broker at Goldman, who shared in the moment. “She was definitely the first person that I spoke to,” he said with joy after receiving the news.

Costa’s journey to managing director has been shaped by a series of significant experiences, including navigating volatile markets from the pandemic to this year’s sell-off. He noted, “When you really learn about the markets and the inner plumbing of things, is when things get messy.” His early interest in finance blossomed during the European sovereign crisis, where he began to engage in small trades at just 11 years old.

A graduate of the University of Warwick, where he was the equities chief investment officer for the Warwick Investment Fund, Costa joined Goldman as a summer analyst in 2016. He advises aspiring professionals to follow their passions, emphasizing that “you’re only ever going to be very good if you can work hard at something for a very long time.”

The celebration for Costa and his fellow MDs kicked off with a Champagne toast organized by regional leaders on the eighth floor of the London office, followed by a larger gathering of around 150 people at a nearby venue. Former mentor Lorenzo Longo was present, sharing in the joy of Costa’s success. “He was almost as excited for my phone call as my wife,” Costa laughed.

Stepping into this new role brings heightened expectations, but Costa remains calm about the responsibilities. “I don’t think I necessarily have to impose myself now as a leader more than I was a week ago,” he stated, acknowledging the weight of the title. Reflecting on his career trajectory, he expressed pride in reaching this stage at such a young age, noting, “I never imagined that, when I was 29, I would be at this stage of my career.”

As Costa embarks on this new chapter, his story serves as an inspiring testament to perseverance and passion in the competitive world of finance. The excitement surrounding his promotion is a reminder of the dynamic nature of the financial industry and the potential for young professionals to achieve remarkable success.

Stay tuned for more updates on this developing story and its impact on the finance world.